The common European currency has declined by 2.23% against the British Pound since February 4. The currency pair has continued to trade in a three-month descending channel pattern.
Everything being equal, the exchange rate is likely to continue to edge lower in the three-month descending channel pattern during the following trading sessions. The EUR/GBP pair could target the 0.8500 level.
However, the weekly support level at 0.8606 could provide support for the currency exchange rate in the shorter term.