EUR/GBP looking to correct recent drop

EUR/GBP looking to correct recent drop

Bears in the EUR/GBP pair remain strong and the outlook remains bearish across the board. However, following an impulsive drop, the pair could start to retrace from the current stage, towards the 50% Fibonacci level at 0.8983. Around that area, we can expect a supply area that could take the pair to test fresh lows below 0.8773. If that happens, next target is placed at the -23.6% Fibo level in 0.8674.

RSI indicator is overbought, but still, it’s showing signs of exhaustion of the bearish trend.

EURGBPmH1.png

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