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EUR/GBP: The Growing Bearish Momentum Has Crushed The Long-Term Rising Trendline

EUR/GBP has broken its long-term rising trendline, confirming an increasing bearish momentum. The support at 0.8470 (12/06/2013 low) is challenged. An hourly resistance stands at 0.8553 (30/08/2013 high).

As long as prices remain below the resistance at 0.8652, the technical configuration since the annual high at 0.8815 is viewed as a part of a larger corrective phase which should eventually decline towards the 0.8411-0.8398 (26/04/2013 low) region and possibly even lower.

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