0221 GMT - EUR/GBP remains stuck in a short-term downtrend, but could break below the 0.8400 area, based on its 4-hour chart, says Kelvin Wong, senior market analyst at Oanda, in an email. The currency pair continues to oscillate within a minor descending channel since the April 23 high of 0.8645 and below its 20-day moving average, Wong says. However, if short-term pivotal resistance at 0.8500 isn't breached to upside, EUR/GBP could break below its June 14 minor low area of 0.8400 for a further potential decline toward subsequent near-term support at 0.8345, Wong adds. EUR/GBP is little changed at 0.8421, according to FactSet. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
July 11, 2024 22:21 ET (02:21 GMT)
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