EUR/GBP Price Analysis: Mixed outlook as selling pressure rises, 20-day SMA rejects buyers

EUR/GBP got rejected once again by the 20-day SMA.
RSI suggests selling pressure is rising, while MACD indicates buying pressure is declining.
Movements below the 0.8400 threshold might trigger movements towards 0.8300.

Patricio Martín FXStreet

In Thursday's session the EUR/GBP declined by 0.30% to 0.8330 after the cross surged and attempted to recover the 20-day SMA on Wednesday but got rejected and resumed its downwards paths.

The Relative Strength Index (RSI) is currently at 40, in negative area and on a declining slope, indicating that selling pressure is rising while the Moving Average Convergence Divergence (MACD) suggests buying pressure is declining.

In case the cross fails to recover the 20-day SMA around 0.8350 support levels are at 0.8315, and 0.8300, while key resistance levels at 0.8380, 0.8400, and 0.8420.

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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