EUR/GBP is volatile below the 3-day descending trend line

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EUR/GBP is holding on EUR/GBP At the 23.6% Fibonacci retracement levels of the decline from January 14 to 24.

The 2-week downtrend line and the 50% Fibonacci retracement levels limit the near-term rally.

EUR/GBP pair trading EUR/GBP Modestly flat around 0.8442 ahead of the European session on Tuesday. The pair remains below the short-term descending trend line while holding onto the 23.6% Fibonacci retracement levels of the January 14-24 decline.

Unless the pair breaches the current resistance at 0.8448, the pair is unlikely to avoid visiting the short-term ascending triangle support line at 0.8424.

If the EUR/GBP price goes down EUR/GBP Below 0.8424, the monthly low around 0.8390 will attract market attention.

Alternatively, the pair's successful breach of the 0.8448 resistance line could lead to an escalation of the retracement movements to the two-week downtrend line and the 50% Fibonacci retracement levels near the 0.8490/95 area.

In the event the bulls manage to overcome the 0.8495 area, as well as dominate above the 0.8500 area, it is in favor of the odds that a return to the 0.8555 area and the 0.8600 area is not ruled out.

EUR/GBP pair EUR/GBPtimeframe graph

EUR/GBP is volatile below the 3-day descending trend line

direction: descending

Important additional levels

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