EUR/GBP Price Analysis: Continues declining towards next downside target

• EUR/GBP is falling to its next downside target at the June 14 low.
• It is in a short and medium term downtrend with odds favoring a continuation lower. 

EUR/GBP is steadily falling in a short-term downtrend. Given “the trend is your friend” it will probably continue until it reaches its next downside target at the level of the June 14 low at 0.8398. 

EUR/GBP Daily Chart 

The medium-term trend is also bearish after the break below the trendline in late May decisively reversed the trend which had hitherto been sideways. 

A break below Thursday’s low at 0.8414 would add confirmation of a decline towards 0.8398. At that key support level the pair could potentially bounce – although it is at risk of going even lower after any pullback higher has run its course.