- The EUR/GBP has been steadily declining over the past few trading days.
- The RSI and MACD suggest that selling pressure is increasing.
- Oversold conditions could trigger an upward correction.
The EUR/GBP has been on a steady decline over the past few trading days and fell to 0.8330 on Thursday with losses of 0.30%.
The Relative Strength Index (RSI) suggests that selling pressure is increasing, with the RSI value at 33, in the near oversold area, and sloping downwards. The MACD indicator also suggests that selling pressure is increasing, with the MACD histogram in red and rising.
EUR/GBP Daily Chart
Based on the current technical picture, the EUR/GBP pair is likely to remain under pressure in the near term. The bears seem to be in control, and the bulls need to break above the resistance level of 0.8400 to regain control. If the bears manage to break below the support level of 0.8300, the pair could fall further. However, with indicators flashing oversold signals, traders should not rule out an upside correction.
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.
