- EUR/GBP is on a four-day losing streak, hitting lows not seen in over a week
- The rising red MACD bars and falling RSI indicate increasing bearish momentum, suggesting further weakness for the pair.
- The pair has broken deeply below its 20-day SMA, hitting multi-week lows.
EUR/GBP fell towards 0.8310 as sellers continue to push lower, but will face strong support at the 0.8300 psychological zone.
The cross has been on a downward trajectory, breaking below its 20-day SMA and hitting multi-week lows. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence/Divergence Indicator (MACD) confirm this bearish trend, signaling an increase in selling momentum. The pair has recorded four consecutive days of losses, indicating that selling pressure is intensifying and further declines are possible.
The RSI is currently in negative territory at 42, with a slightly decreasing slope, implying that sellers are gaining momentum. The rising red MACD histogram and elevated volume further support the bearish sentiment, indicating that bearish forces are dominating the market.
Support levels: 0.8300, 0.8275, 0.8250.
Resistance levels: 0.8330, 0.8350, 0.8375.
EUR/GBP Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
