EUR/GBP Technical Analysis: Under pressure with RSI violating rising trendline

EUR/GBP is currently trading in the red below 0.8650 and may suffer a deeper drop toward the 50-day moving average (MA), currently at 0.8609, as the 14-day relative strength index (RSI) has dived out of the rising trendline, signaling the end of the pair’s corrective bounce from the March 13 low of 0.8472.
Also note that the pair dropped 0.33 percent yesterday, validating indecision, signaled by the doji candle created on Tuesday.

Omkar Godbole FXStreet Contributor

Daily chart

Trend: Bearish

Pivot points

1. R3 0.8733
2. R2 0.8709
3. R1 0.8678
PP 0.8654
1. S1 0.8623
2. S2 0.8599
3. S3 0.8568

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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