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. EUR/GBP Daily Chart 
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.More By This Author:GBP/JPY Rises To New 16-Year High After Pound Sterling Rallies On Strong GDP Data Gold Price Trades With Positive Bias Around $2,375 Area, Focus Remains Glued To US CPIUSD/JPY Price Analysis: Short-term uptrend resumes
