The common European currency has declined by 1.76% against the British Pound since July 27. The currency pair is currently trading in a narrow descending channel pattern.
Most likely, the exchange rate could continue to edge lower in the descending channel within this week’s trading sessions. The potential target will be at the 0.8911 level.
However, the weekly support level at 0.8946 could provide support for the EUR/GBP currency exchange rate in the short-term.