EURGBP Extends Downward Swing: Key Levels to Watch

Our focus in today’s Forex update is EURGBP, which has stretched its downside trend from 0.8714 to as far as 0.8554.

In the current scenery, immediate resistance lies at 0.8590. As long as this mark serves as a cap, we might expect the bearish trend to keep its momentum. The next target on this downward slope is highlighted at 0.8548, which acted as a previous low. Should the pair venture below this, the 0.8530 area would be the next stop followed by the 0.8500 notch.

However, upside possibilities persist. Should we see a breakout over the 0.8590 resistance barrier, it could steer the pair back towards another hurdle marked at the 0.8620 resistance.