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EUR/GBP turning lower after rebound into trendline
EUR/GBP remains within a falling wedge formation, with the recent bounce fading after a move towards trendline resistance. With the 76.4% Fibonacci support down below, the ability to hold up around that £0.8697 level will be crucial. A break above £0.8728 would be the signal to say that the pair is going to break higher from this wedge.
For the wider downtrend to come back into play we would need to break below £0.8667, which would also necessitate a break of £0.8689. That level is a crucial historical low, which should be watched as a potential roadblock to any further downside. As such, watch for a break of either £0.9728 or £0.8667 to dictate the market direction from here.
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