EUR/GBP Price Analysis: Bulls shaken-up, but not out

• EUR/GBP is being pressured into a key level of demand on the daily chart. 
• Bulls looking for a restest of M-formation neckline in due course. 

EUR/GBP has been offered this week so far ahead of critical central bank meetings. Technically, the price is forming a compelling chart pattern on the daily time frame as follows:

EUR/GBP daily chart 

The price is creating an M-formation on the daily chart and bulls will be looking to target the 0.8530s which is the neckline of the formation. However, there could be some more downside to come yet to test 0.85 the figure first. 

There is plenty of data coming out of the UK and Super Thursday will be an important event for the cross with both the Bank of England and the European Central banks meeting. 

''It is our view that the market will unwind some of the BoE rate hikes expected for next year and we have revised higher our 6-month EUR/GBP forecast to 0.86 from 0.84,'' analysts at Rabobank argued.