EUR/GBP: Down-Trend Clearing Major Support Line

The EUR/GBP has continued moving lower in line with the dominant down-trend. It has broken below major support from a lower channel line on the monthly chart – in a very bearish sign for the pair. It has now cleared below this line, adding more evidence for a bearish continuation. I would be looking for a break below the current lows at 0.7238 for confirmation of more downside, to an initial target at 0.7200, with the S1 monthly pivot situated at 0.7132, providing an eventual target for the pair.

EUR/GBP Hourly Chart

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