EURGBP remains bearish from a broader perspective, continuing to trade inside the red descending channel that has been guiding price lower.

Lately, price rejected the blue support area and traded higher, developing a corrective move within the broader bearish structure. Price is now approaching an important technical region where the red resistance area aligns with the upper boundary of the descending channel, creating a strong confluence zone to monitor.

⭕As price approaches this area, we can start looking for sell setups on lower timeframes, anticipating a rejection and a continuation of the broader bearish trend.

⭕However, if buyers manage to break above the red resistance area and the upper boundary of the descending channel, it would provide an indication that bearish momentum is weakening and that the corrective move may develop further.

The reaction around this confluence zone may reveal whether sellers are ready to defend the upper boundary once again, or if buyers have enough strength to push price through the current bearish structure.

⚠️Disclaimer: This analysis reflects my personal market view and is not financial advice.

Rayan Nasser

#EURGBP #EUR #GBP #Forex #TechnicalAnalysis #PriceAction #Trading #MarketStructure #SupportAndResistance #TrendAnalysis