The EURGBP climbed to the resistance level of 0.8820 as the EURUSD surged to the upside following the release of the US CPI data (which resulted in significant weakness on the DXY).
However, the price rejected the resistance level to retrace lower following the longer term downward trendline.
As the EURGBP trades along the 0.88 price level, some downside potential can be expected (especially if the EURUSD retraces lower)
If the price breaks below the immediate support level of 0.8790 and the short term upward trendline, look for the EURGBP to possibly trade down to the next support level of 0.8770 and beyond that 0.8730
However, the price rejected the resistance level to retrace lower following the longer term downward trendline.
As the EURGBP trades along the 0.88 price level, some downside potential can be expected (especially if the EURUSD retraces lower)
If the price breaks below the immediate support level of 0.8790 and the short term upward trendline, look for the EURGBP to possibly trade down to the next support level of 0.8770 and beyond that 0.8730
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