EUR/GBP trimms daily gains and bullish momentum weakens, eyes on bearish SMA crossover

EUR/GBP trades mildly lower at 0.8596 after hitting a high of 0.8620.
Daily chart indicators hint at strengthening selling momentum: RSI is in negative terrain, and MACD's histogram depicts rising red bars.
The four-hour chart affirms a bearish outlook with weakened bullish power.

Patricio Martín FXStreet

In Tuesday's session, the EUR/GBP was observed trading mildly lower at 0.8596 after hitting a daily high of 0.8621 as the bulls struggled to hold their momentum. In the four-hour chart, the selling dominance is more evident.

Indicators on the daily chart are reflecting a bearish dominance currently in play. The negative Relative Strength Index (RSI) slope, in conjunction with its present location in the negative territory, underscores the strengthened bearish momentum. Concurrently, the red bars of the Moving Average Convergence Divergence (MACD) supplement this bearish tilt. In addition, the pair's position below the 20, 100, and 200-day Simple Moving Averages (SMAs) reiterates the widespread bearish control, creating a tough landscape for buyers to recuperate. In addition, the 200 and 100-day averages are about to perform a bearish crossover at around 0.8650, which may add further momentum to the sellers.

In the shorter time frame, as denoted by the four-hour chart, the bears appear to have an even greater grip. The negative slope and negative territory of the four-hour RSI amplify the bearish trend, indicating that sell-offs are predominant at this juncture. Similarly, the rising red bars of the four-hour MACD underpin a growing downtrend in the short-term outlook.

EUR/GBP technical levels

EUR/GBP

Overview
Today last price	0.8595
Today Daily Change	-0.0010
Today Daily Change %	-0.12
Today daily open	0.8605

Trends
Daily SMA20	0.864
Daily SMA50	0.8651
Daily SMA100	0.8649
Daily SMA200	0.8647

Levels
Previous Daily High	0.8612
Previous Daily Low	0.8588
Previous Weekly High	0.8621
Previous Weekly Low	0.8587
Previous Monthly High	0.8715
Previous Monthly Low	0.8549
Daily Fibonacci 38.2%	0.8603
Daily Fibonacci 61.8%	0.8597
Daily Pivot Point S1	0.8591
Daily Pivot Point S2	0.8577
Daily Pivot Point S3	0.8567
Daily Pivot Point R1	0.8616
Daily Pivot Point R2	0.8626
Daily Pivot Point R3	0.864

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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