Eurgbp Faces Selling Pressure

last updated on

Eurgbp Faces Selling Pressure

Eur/Gbp Down By 0.20%, Selling Pressure Remains Strong

EUR/GBP has moved lower by 0.20% on Thursday and has already slipped below 0.8400. Now, the 0.8400 level is serving as resistance with the 0.8300 acting as a strong support.

If we look at the technicals of EUR/GBP, it seems that the selling pressure remains strong. To avoid any more losses, the EUR/GBP cross will need to defend the 0.8380 level. Below that, the next support will be 0.8350, followed by the next one at 0.8300.

Rsi Shows A Reading Of 37

quick look at the RSI shows a reading of 37, which is also moving lower. Once again, that's a sign of strong bearish momentum, which means there will be more downsides for the EUR/GBP.

Similarly, the MACD is also showing a red histogram with rising bars... Once again, that's a classic example of selling momentum and means weakness for the Euro.

If the current selling pressure persists in the EUR/GBP, it means the next targets for the bears are 0.8350, 0.8300, and 0.8280.

On the way up, the first resistance is around 0.8400, followed by the next one at 0.8430, where the 20 SMA is located. Next up is 0.8450, and finally, 0.8500, which is a very solid resistance.

break of the 0.8380 support will be bad news for the EUR/GBP. It would also mean a new yearly low for the cross, as such levels were only last seen in 2022.

According to experts, a break of 0.8380 will reaffirm the bearish bias and send the cross toward the next support levels.

The SMA analysis of the EUR/GBP D1 chart shows that price is developing below all the major MA lines such as 20, 100, and the 200. That's a classic sign of bearish pressure which means upside for the GBP but downside for the EUR.

With no SMA line to stop the decline of EUR/GBP, it seems that things are not looking good for the EUR against the GBP.

Trending Stories