Euro Hovers Below Ascending Channel Floor Against Pound
EUR/GBP edged up on Monday but remained below the key 0.8575 level, the lower boundary of its recent upward channel, after declines late last week.
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The Euro ticked higher against the British Pound at the start of the week, but upside was limited as the pair stayed beneath the bottom of an ascending channel around 0.8575. This area had acted as support before Thursday and Friday’s pullback pushed prices down.
A sustained break below this channel floor could open the door to further losses. The pair’s failure to reclaim the channel suggests near-term bearish momentum.
Traders will watch whether EUR/GBP can recover the 0.8575 level in the coming sessions to invalidate the bearish setup.
Source: FXStreet Forex News