EUR/GBP continues to fall in the direction of the 60-minute key support level 0.8535, which was recently identified by Autochartist. Autochartist rates the significance of this support level at the 5 bar level – which is the result of the 5 earlier reversals from this price level. EUR/GBP is expected to fall further toward the support level 0.8535.
As can be seen from the daily EUR/GBP chart below – the pair earlier reversed down from the key resistance level 0.8660 (former strong support from May and the monthly high from June) standing near the 38.2% Fibonacci correction of the downward impulse from April. The clear daily downtrend increases the probability EUR/GBP will continue to fall toward the support level 0.8535.