EUR/GBP Price Analysis: Bearish outlook persists as pair flirts with 0.8400

EUR/GBP bears pushed the cross near 0.8410 on Thursday.
Indicators remain aligned with the bearish trend.
Daily RSI is marching towards oversold terrain.

Patricio Martín FXStreet

The EUR/GBP pair extended its losses on Thursday, declining by 0.20% to 0.84010. However, the pair remains above the 0.8400 mark, which is a key support level but selling pressure is increasing.

The Relative Strength Index (RSI) is currently at 35 and it is decreasing. This indicates that there is growing selling pressure. The Moving Average Convergence Divergence (MACD) is printing red bars, which also suggests that the bearish momentum is increasing.

Overall, the technical outlook for the EUR/GBP pair remains negative. The pair is likely to continue to decline in the near term, and if the bears breach the 0.8400 area the next support is seen at 0.8380. However, if the pair can hold above the 0.8400 level, the bearish traction might lose steam and with the RSI near 30, there are chances of an upward correction.

EUR/GBP daily chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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