EUR/GBP Forex Technical Analysis: Near-Term Downside Bias with Key Support at 0.8610

The EUR/GBP pair continues to exhibit a bearish tone in the short term, with the recent decline from 0.8611 suggesting a potential resumption of the down move that originated from the 0.8863 high. Immediate support is likely to be found around the 0.8453 level, which could act as a key test for sellers in the near future. On the flip side, a rebound above 0.8551 would neutralize the intraday bias and could paving the way for a temporary consolidation.

From a broader perspective, the upward movement that began at the 2024 low of 0.8221 appears to have reached its peak at 0.8863, just ahead of the 38.2% Fibonacci retracement level of the 0.9267–0.8221 range, which sits at 0.8867. A deeper retracement toward the 0.8221 support could follow if the bearish momentum persists. The market remains relatively neutral as long as the 0.8610 barrier holds as both support and resistance. However, a decisive break below this level would suggest that the pullback from 0.8863 has concluded as a simple correction rather than a full reversal.

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