EUR/GBP Price Analysis: Continues declining towards next downside target

• 
  EUR/GBP
  is
  falling
  to
  its
  next
  downside
  target
  at
  the
  June
  14
  low.
• 
  It
  is
  in
  a
  short
  and
  medium
  term
  downtrend
  with
  odds
  favoring
  a
  continuation
  lower. 

EUR/GBP
is
steadily
falling
in
a
short-term
downtrend.
Given
“the
trend
is
your
friend”
it
will
probably
continue
until
it
reaches
its
next
downside
target
at
the
level
of
the
June
14
low
at
0.8398. 

EUR/GBP
Daily
Chart 

The
medium-term
trend
is
also
bearish
after
the
break
below
the
trendline
in
late
May
decisively
reversed
the
trend
which
had
hitherto
been
sideways. 

A
break
below
Thursday’s
low
at
0.8414
would
add
confirmation
of
a
decline
towards
0.8398.
At
that
key
support
level
the
pair
could
potentially
bounce
–
although
it
is
at
risk
of
going
even
lower
after
any
pullback
higher
has
run
its
course.