The Eurozone single currency has declined by 1.72% against the British Pound since February 26. The currency pair breached the 50– period simple moving average during last week’s trading sessions.
All things being equal, the exchange rate could continue to edge lower in a descending channel pattern during the following trading sessions. The possible target for sellers will be near the 0.8450 area.
However, the weekly support level at 0.8509 could provide support for the EUR/GBP currency exchange rate within this week’s trading sessions.
