EURGBP price ended its bullish corrective rebound after facing the resistance extending toward 0.8605, stabilizing below it and maintaining its position within the boundaries of the bearish channel shown on the accompanying chart, as it currently slips toward 0.8577.

 

We note that the 55-period moving average positioned above the current trading levels will increase the chances of the price gathering additional bearish momentum. This leads us to expect the formation of new bearish waves, through which the price may attempt to reach 0.8540 before renewing pressure on the obstacle at 0.8525, seeking an opportunity to resume the bearish attack in the upcoming sessions.

 

The expected trading range for today is between 0.8540 and 0.8585

 

Trend forecast: Bearish