EUR/GBP: the massive channel is still holding strong. Next move?

As it can be inferred from the graphical illustration, the price is still ranging between the boundaries of the downtrending parallel channel. Taking a look at the current price action and few previous DAILY timeframe candles, it can be observed that the price is nicely rejecting the local zone of resistance and preparing to drop even further. If everything plays out according to the plan, we are expecting for the price to plunge lower and reach the area of the lower boundary of the formed channel.

Happy new trading week, wizards!