The bearish bias stays persistent below 0.8600
The EUR/GBP recovers from recent losses while bouncing off a significant Fibonacci retracement level. 200-HMA and prior support pose a barrier to buyers, while bears eye a new weekly low. The bearish RSI and prolonged breach of the short-term triangle provide sellers with optimism.

During Friday's Asian session, EUR/GBP gains bids to 0.8590 despite maintaining the largest daily loss in a week. Thus, the currency pair recovers from the 61.8% Fibonacci retracement of the 09-15 June uptrend.
However, the evident downward break of a one-week-old ascending triangle, as well as the continuous trading below the 200-HMA, suggest that the price will continue to decline.
Consequently, the 200-HMA level of 0.8597 protects the EUR/GBP pair's immediate upside ahead of the aforementioned triangle's support line, which at press time was 0.8605.
Following that, the resistance line of the triangle and the mid-June swing bottom might pose challenges to EUR/GBP bulls around 0.8645 and 0.8775, respectively.
A break below the 61.8 percent Fibonacci retracement level of 0.8575 looks to be the catalyst for the pair's decline towards the June 16 bottom under 0.8510.
In the event that EUR/GBP bears surpass 0.8510, the 0.8500 level and the 0.8485 monthly low may attract market interest.
Despite the recent bounce, the EUR/GBP pair is expected to experience more downward pressure.
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