EUR/GBP Bounce May Be Short-Lived, Technical Analyst Warns

The EUR/GBP pair saw a bullish trend on Monday as the euro rallied against the British pound. However, according to Christopher Lewis, a technical analyst at DailyForex, this rally is likely short-lived and will face resistance above.

Lewis notes that the euro has been in a downtrend over the longer term and that any gains will be met with concerns of exhaustion. He suggests waiting for signs of exhaustion before taking action, as he believes it's only a matter of time before the market returns to its previous state.

The 0.86 level is a key area of interest for Lewis, as it has previously served as support and now offers resistance. If the EUR/GBP pair were to close above this level, it could potentially change the dynamics of the market.