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Forex pairs in this Article » EUR/GBP (New York) - The EUR/GBP technical cross collapsed below support Thursday, having destabilized towards session lows during European trading.

In the United Kingdom, Public Sector Net Borrowing (May) came in at £10.535B, beating expectations of £13.750B, and compared with a figure of £6.623B in the previous month.

EUR/GBP technical patterns suggest positive structure intact

According to the Technical Analyst Team, “Although the overall EUR/GBP structure remains positive, as yesterday’s decline and the bearish engulfing candle is a bit concerning. Accordingly, we prefer to move to the sidelines for now, and wait for a break above the neckline of the inverted head and shoulders pattern for confirmation.”

At the time of writing, the EUR/GBP foreign exchange rate has rebounded slightly higher to 0.8538 during European trading. Consistent with the calculations of the analyst team, pair will face resistances at 0.8574 then 0.8618, and 0.8647. On the decline, a break below the 0.8501 handle will initiate support at 0.8474 and 0.8428.
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