EURGBP Outlook: Downward Momentum Persists Amid Support Break

EURGBP: Sell

The price has broken below a key support zone.

Further downside is expected toward the 0.8500 support level.

EURGBP has breached a support zone that previously extended between the 0.8500 level and the trend lines of two consecutive daily down channels observed in May and February.

This breakout hastened the formation of minor impulse wave 3 within the larger wave (3) that originated in May.

Given the prevailing daily downtrend, further depreciation toward the 0.8500 support level is likely, serving as the target for the ongoing impulse wave 3.

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