The single European currency has continued to trade downward against the British Pound. The currency pair has declined by 1.72% in value since the middle of January.
All things being equal, the EUR/GBP exchange rate will continue to trade bearish. The possible target for bears would be at the 0.8380 area.
However, a support level formed by the weekly S1 at 0.8419 could provide support for the currency exchange rate in the shorter term.
Furthermore, technical indicators demonstrate that bearish traders could continue to dominate the pair during the following trading sessions.
