EUR/GBP continues to drop along the downtrend line even if the breakout above this line has signaled a potential upside movement, reversal. The price has decreased testing and retesting the downtrend line trying to stabilize above it.
The pair could develop a swing higher, an uptrend if EUR/GBP comes back above 0.8600 psychological level. I've drawn also a minor black downtrend line. The selling pressure remains high as long as the price stays under this minor dynamic resistance.
Breaking above the minor black downtrend line and jumping above 0.8600 could suggest buying as EUR/GBP may develop a strong upwards movement, bullish reversal.
Trading Conclusion!
We may have a good buying opportunity if the price jumps above 0.8600 and if it reaches the 0.8620 level. You can set your first upside targets at 0.87 and 0.88 levels. The Stop Loss should be placed somewhere below today's peak low.
