Continue the weakness of EURGBP with a possible bounce which however will be limited to well below the resistance of 0.8420 and lead to a fall of the downtrend. Values ​​below 0.8221 will target 0.8067 support.

The price actions from 0.9799 are treated as consolidation of the plot of the long-term uptrend. The fall from 0.9083 is considered as the third leg and is heading towards the 61.8% projection of 0.9799 to 0.8067 from 0.9083 to 0.8013 (which is close to the psychological level of 0.8). You can expect strong support within the support area 0.7693 / 0.8186, close to the 61.8% retracement of 0.6535 to 0.9799 at 0.7782 to contain the fall and finish the consolidation. Upward, however, a break of the resistance of 0.9083 will need to signal the completion of the weft to be 0.9799. Otherwise, one can test the risk of another fall even in case of a rebound

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