EUR/GBP Price Analysis: Bearish pressure rises , cross further below the 20-day SMA

The EUR/GBP declined on Thursday, extending its losses to three consecutive sessions.
Technical indicators suggest that the bearish trend may continue in the near term.
The pair is currently testing support at 0.8320-0.8330, with a break below this level potentially leading to further declines.

Patricio Martín FXStreet

The EUR/GBP pair has been under pressure in recent sessions, breaking below its 20-day Simple Moving Average (SMA). This move has pushed the pair to its lowest point in over a week. Technical indicators are now signaling a potential increase in selling pressure, suggesting that the bearish trend may continue in the near term.

The Relative Strength Index (RSI) is at 44, indicating that the pair is in negative area. The slope of the RSI is mildly declining, suggesting that selling pressure is rising. The Moving Average Convergence Divergence (MACD) is green but decreasing, indicating that buying pressure is declining.

The EUR/GBP currency pair has witnessed a significant decline, breaking below its crucial 20-day Simple Moving Average (SMA). This move has pushed the pair to its lowest levels in over a week, indicating a shift in momentum. Technical indicators, such as the RSI and the MACD, are now signaling a buildup of selling pressure. The RSI has dropped below 50 neutral level, while the MACD prints lower green bars, suggesting a potential further decline in the EUR/GBP.

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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