EURGBP
Preference:
According to early PMI survey data, business activity growth in the UK has accelerated for a third consecutive month in January, indicating a promising start to the year. The data suggests that the economy is likely to grow at a quarterly rate of 0.2% after a flat fourth quarter, thus avoiding a recession and showing signs of renewed momentum.
Regarding the price level, it appears that the downtrend will persist. Liquidity has formed at the lows due to multiple rejections. If the price fails to break above the downward trend line, the bears will continue to dominate to have the upper hand in this fight.
Alternative Scenario:
We would need to see a strong, impulsive move to the upside, closing above the 0.85600 level before considering a reversal in this downtrend. If this occurs the safest approach would be to wait on the break and rest.