The EUR/GBP pair has experienced a short-term pullback after breaking out of a long-term downtrend. While the bearish breakout suggests a potential reversal, there is still not enough evidence to confirm a long-term downtrend.

The pair is currently consolidating within a range, with potential for a continuation of the uptrend or a reversal. A break above the 0.8435 level could signal a resumption of the uptrend, while a break below 0.8406 could indicate a reversal.

EUR/GBP Technical Outlook

The EUR/GBP pair has shown a short-term pullback, with the 0.8435 level acting as a key resistance. A break below this level could signal a further decline, with potential targets at 0.8385 and lower. However, the pair’s recent recovery and the upward-sloping EMAs suggest a potential for a short-term rebound.