EUR/GBP at Crucial Support - Will It Hold or Break?Alright traders, let’s break down the EUR/GBP 4-hour chart
On this chart, we can see that EUR/GBP is currently in a downtrend, confirmed by the descending trend line and the lower highs and lower lows pattern. The price is trading below both the 21 EMA and the 8 EMA , indicating bearish momentum.
However, there is a consolidation phase happening around the 0.84076 level, where the price seems to be finding temporary support. The key levels to watch are the resistance at 0.84309 and the support at 0.83979. A breakout above the 0.84309 resistance, especially with a strong close above the 21 EMA, could signal a bullish reversal. Conversely, a break below the 0.83979 support could confirm the continuation of the bearish trend.
Given the current market structure, my bias is slightly bearish, but I am open to a potential bullish reversal if we see a breakout above the resistance level.
