EUR/GBP Next Month Outlook - 50.0% Fibo support level as the next bearish target

W1 price is below 200 period SMA (200-SMA) and 100 period SMA (100-SMA) for the primary bearish market condition with the secondary ranging within Fibo support level at 0.6935 and Fibo resistance level at 0.7421:

• 38.2% Fibo support level at 0.7234 is going to be crossed by weekly price from above to below to 50.0% Fibo support level at 0.7178 as the next bearish target;
• RSI indicator is estimating the bearish market condition to be continuing.

If the price will break Fibo support level at 0.6935 so the primary bearish market trend will be continuing.
If the price will break Fibo resistance level at 0.7421 from below to above so the secondary bear market rally will be started.

Trend: