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Technical analysis

The EURGBP has formed a large head and shoulders pattern on the four-hour time frame, with the pair trading close to the neckline of the bearish price pattern.

According to the RSI indicator the trend on the four-hour time frame remains bearish, and traders should expect further weakness ahead in the EURGBP pair.

What the possible outcomes are

In our most likely scenario, the EURGBP pair will start to decline towards the 0.8350 support level over the medium-term as the bearish price pattern is activated.

Alternatively, the EURGBP pair will stage one final corrective move back towards the 0.8550 level before staging a decisive move under the 0.8500 support level.

Key levels

Support 0.8500 0.8350

Resistance 0.8550 0.8580