Fri, Aug 19, 2022 @ 13:53 GMT
HomeContributorsTechnical AnalysisEUR/GBP Stuck in Bearish Trend

EUR/GBP Stuck in Bearish Trend

The euro rose after ECB Vice President Luis de Guindos said the inflation spike may last longer than projected.

Nonetheless, the bearish sentiment still prevails after the pair failed to hold on to 0.8370. The former support has now turned into a resistance. The current consolidation could be a distribution phase and a drop below 0.8325 could send the price to February 2020’s lows near 0.8290.

On the upside, the bulls have the challenging task of lifting offers around 0.8370 and then 0.8415 before they could attract more followers.

Orbex
Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading