The euro currency is starting to break down against the British pound, as a head and shoulders pattern starts to play out to the downside. As long as the price trades beneath the neckline of the pattern, around the 0.8580 level, then further losses towards the 0.8490 level appears likely. Selling any price rallies in the EURGBP pair back towards the 0.8580 level appears to be the best strategy intraday.
The EURGBP pair is only bullish while trading above the 0.8580 level, key resistance is found at the 0.8600 and 0.8620 levels.
EURGBP pair is only bearish while trading below the 0.8580 level, key support is found at the 0.8540 and 0.8490 levels.
