EUR/GBP touched 0.8111 level, forming a channel down pattern on the 1H chart. The formation has 60% quality along with 73% magnitude in a 121-bar period.
The pair approaches its three-year low around 0.8092, which could turn into a strong support level. The pair bias on 4H is neutral which increases the possibility of pair's rebound. If the price recovers, the first target for long investors might be around 0.8155, where SMA200 lies, and the second target around 0.8180, where the pattern's resistance level stands.
SMA200 has been decreasing during last 121 bars, which leads to the downtrend on the 4H chart. On the daily and weekly charts bias remains neutral, showing mid-term uncertainty between bears and bulls. If the price decreases, short traders might pay their attention to the support level around 0.8103. If the price pierces this level, the initial target for short investors might be around 0.8092, where the three-year low stands.