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.
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.