EUR/GBP Bounces Off Key Support, Potential for Sharp Breakout


EUR/GBP continues to rebound from the long-term support level near 0.8500. This crucial level has been tested multiple times, increasing its significance. A decisive break below could trigger a sharp and extended decline.

Key Factors:

  • Breakout Potential: A break below 0.8500 could lead to a volatile downward move, potentially extending to extrapolated target levels.
  • Support Significance: Multiple tests of the 0.8500 level reinforce its importance as a technical barrier.
  • Downside Targets: Conservative estimates suggest potential targets of 0.8418 or 0.8449 (Fibonacci levels). A more extreme move could reach 0.8369.

Conflicting Signal:

  • MACD Convergence: The bullish convergence between the MACD indicator and price introduces some uncertainty about the likelihood of a breakdown occurring.

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