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EUR/GBP: Watch out for a break below 0.8325

The EUR/GBP kick started the week with a bearish gap, with the pair trying to fill that gap throughout the trading session forming a shooting star on the daily chart. This formation suggests further downside potential. At 0.8335 at the moment, we see similar price movement like yesterday, with the bulls having a hard time to get the upper hand. For confirmation of the bearish bias watch out for a break below near term support level at 0.8325. Should that level give away, that would open the door to 0.83, where the downwards movement is expected to find strong support. In the alternative scenario, we would have to see a break above the top of Monday’s shooting star at 0.839 in order to reconsider our outlook.

Dafni Serdari
Market Analyst, Spread betting & CFDs
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