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EUR/GBP may drop further after testing and retesting the Pivot Point (0.8784) level. Its failure to reach the 0.8800 psychological level signals high selling pressure in the short term. The Pound has appreciated versus most of its rivals, so it could increase versus the Euro as well.
The pair is on a declining path, is trapped below strong resistance levels, upside obstacles, indicating an imminent decline. GBP has gained strength after the BoE as the monetary policy was left unchanged in the last meeting.
EUR/GBP registered a minor rebound, testing and retesting the Pivot Point (0.8784) and now it could drop deeper. Failing to stabilize above the PP makes the pair attractive for sellers.
I've said in my previous analysis that the outlook will remain bearish as long EUR/GBP stays under the descending pitchfork's median line (ML). Dropping and closing below 0.8738 represents a short signal.
Sell the drop below 0.8738 level and use the 0.8700 and the S2 (0.8670) as downside targets. Technically, EUR/GBP could be attracted by the lower median line (LML) after its failure to come back towards the median line (ML).
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