This week the EUR/GBP has been trading on the downside as another attempt of the bulls to break the resistance level near 0.8650-0.8660 was unsuccessful.
At the moment the view on the currency pair remains bearish as earlier the EUR/GBP has formed a combination of candlesticks Bearish Engulfing in a downward trend.
The downside movement is supported by the fact that this combination of candlesticks was formed near the upper line of the downward trend where the bulls could not solidify, the bears started increasing their influence and the rebound took place.
As mentioned before, successful breakout of the support level near 0.8430-0.8450 targeted the pair to 0.8143.
It is worth pointing out that short positions should be closed in case of breakthrough of Fibonacci correction level 50.0, as it will mean that the downtrend is overcome and the currency pair will target to 0.98.
