The EURGBP maintained a bearish momentum last week, topped at 0.9121 levels and bottomed at the 0.8773 levels. This development leaves the pair targeting the 0.8600 levels, a halt is likely and a reversal may occur (if seen resistance comes at the 0.0.8773 levels) but if this fails to occur, expect the pair to weaken further to the 0.0.8455 levels, further downside, support comes at the 0.8250 levels.
A sustained breakout -weekly closing (2 or 3 daily closing) – below 0.8773 will accelerate the bearish move to the 0.8600 levels.
On the upside, immediate resistance comes at the 0.8891 levels, a break will turn the focus on the main resistance at the 0.9121 levels where another fall is likely.
Conclusion: The EURGBP continues to face downside threats below the 0.9121 levels with risk to the 0.8600 levels…