EUR/GBP Decline Could Continue

The Eurozone single currency has edged lower by 2.18% against the British Pound since the beginning of October. The currency pair breached the 0.8500 support level last week.

All things being equal, the exchange rate could continue to trend lower during the following trading sessions. The potential target for bearish traders will be near the 0.8350 area.

However, the currency exchange rate could encounter support at 0.8420 within this week’s trading sessions.