The Eurozone single currency has declined by 107 pips or 1.18% against the Pound Sterling since January 6. The currency pair breached the 50-, 100– and 200– period SMAs last week.
All things being equal, the EUR/GBP exchange rate could continue to edge lower in a descending channel pattern during the following trading sessions. The potential target for bearish traders would be near the 0.8900 level.
However, the weekly support line at 0.8939 could provide support for the currency exchange rate within this week’s trading sessions.
