EUR/GBP In Reverse

EUR/GBP is trading lower in today's session due to somehow stronger British Pound. The pair reached a high of 0.8626 a few days after the Brexit and since then it has been depreciating one day at a time. Another part of the reason is because the Euro is weakening.

The pair is now trading at 0.8345 and has almost returned to its ascending trading channel. The long-term trend has been empowered by the break of the pair, but if current EU economic conditions continue to worsen, we might expect a fall that would drive the pair to the 200SMA around 0.7700.

First support is seen at 0.8300 while first resistance is seen at 0.8430.

Chart: EUR/GBP