Our focus in today’s Forex update is EURGBP, which has stretched its downside trend from 0.8714 to as far as 0.8554.
![](https://www.forexcycle.com/wp-content/uploads/2024/20240119_EURGBP_1.png)
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.