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The EUR/GBP pair continued its downward trend last week, maintaining a bearish outlook. Technical analysis highlights the 61.8% Fibonacci retracement level at 0.8466 as a key support zone for this week. The 4-hour MACD indicator shows weakening downward momentum, suggesting potential support could halt the decline. On the upside, a break above 0.8539 resistance might shift the bias to the bullish side. This analysis is critical for traders monitoring cross-currency dynamics, as EUR/GBP movements often reflect broader European and UK economic sentiment. The pair's volatility and technical levels make it a strategic asset for forex traders, particularly those using Fibonacci retracements and MACD signals. Traders should watch for a rebound from 0.8466 or a breakout above 0.8539, which could signal a trend reversal or continuation.
