EUR/GBP Price Analysis: Pair drops again, nears multi-year lows

EUR/GBP declined 0.27% on Monday to near 0.8270, its lowest since March 2022.
The EUR/GBP pair remains in a strong downtrend, extending its losses over the past five trading days.
The RSI indicator is showing that selling pressure is rising, while the MACD indicator also indicates a bearish momentum.

Patricio Martín FXStreet

The EUR/GBP pair fell on Monday, extending its losses and approaching multi-year lows. The decline continues a five-day downward trend, with the pair reaching 0.8270 on Monday after a 0.27% drop. Technical indicators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) point to bearish conditions, with selling pressure rising and overall momentum biased to the downside.

In the technical analysis, the RSI is at 38 and trending down, indicating rising selling pressure. The MACD histogram is below zero and red, further emphasizing the bearish momentum. Within the price action sphere, EUR/GBP has support levels at 0.8250, 0.8230, and 0.8210, and resistance levels at 0.8330, 0.8370, and 0.8390. These levels can provide guidance for potential trading opportunities.

The EUR/GBP pair continues to trade under bearish pressure, extending its downtrend and reaching multi-year lows since March 2022. Technical indicators, such as the RSI and MACD, indicate that selling pressure is escalating, while the extended losing streak and recent decline suggest that the trend is likely to persist.

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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