FX.co ★ EUR/GBP

In the EURGBP pair, we managed to consolidate below the resistance zone defined by the Envelopes indicator on the hourly and four-hour timeframes, ranging between 0.8662 and 0.8674. Now, unless the price manages to close a four-hour candle above the 0.8674 level, indicating a potential reversal, selling opportunities will be prioritized, leading to further price decline towards the support level at 0.8575, which marks the bottom of the trading range on the four-hour timeframe. The bearish sentiment is also supported by the daily timeframe, showing a downward cycle in prices, with any upward movements likely to face renewed selling pressure.