Technical analysis
The EURGBP pair is looking bearish on the daily time frame. The Ichimolu indicator shows that the price has fallen below he Tenkan and Kijun Sens lines, and cloud support.
According to the RSI indicator the trend is now bearish as a below 50 reading is now being recorded. Typically, this is a bearish intraday sign and a sell signal.
What the possible outcomes are
In our most likely scenario, the EURGBP pair will start to decline towards the 0.8400 support level over the medium-term as the bearish trend starts to accelerate.
Alternatively, the EURGBP pair will move in a price range between the 0.8600 to 0.8500 before making a decisive breakout in either direction.
Key levels
Support 0.8500 0.8400
Resistance 0.8600 0.8680
