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The common European currency depreciated by 41 pips or 0.47% against the British Pound last week. The currency pair tested the lower line of an ascending channel pattern at 0.8560 on Friday.

Currently, the exchange rate is trading near the lower boundary of the channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the 0.8500 level could be expected during this week’s trading sessions.

However, if the ascending channel pattern holds, buyers could pressure the currency exchange rate higher in the nearest future.