The Euros has declined by 7.48% against the British Pound since March 18. The currency pair breached the 50-, 100– and 200– period SMAs during the period.
The exchange rate is currently testing a support cluster formed by the 200– period simple moving average and the bottom border of an ascending channel pattern at 0.8812.
If the support cluster holds, the currency exchange rate could make a pullback towards the 0.9300 area.
However, if the EUR/GBP pair breaks the ascending channel pattern, a decline towards the 0.8447 regions could be expected this week.