EUR/GBP Price Analysis: Sellers hit the gas and take further ground

Source Fxstreet
  • EUR/GBP weakens further, and buying pressure continues to retreat.
  • The RSI is moving dangerously near the oversold threshold.
  • The 0.8380 presents a strong barrier against the sellers.

In Friday's session, the EUR/GBP pair continued to decline, losing 0.15% to close at 0.8385. The bearish outlook persists, as selling pressure intensifies and technical indicators signal a negative trend.

Looking at the technical outlook, the Relative Strength Index (RSI) has fallen to 35, moving deeper into the negative area. This sharp decline indicates that selling pressure is rising. Furthermore, the Moving Average Convergence Divergence (MACD) histogram remains red and rising, also suggesting increasing bearish momentum. 

EUR/GBP daily chart

Based on the current technical picture, the EUR/GBP pair is likely to continue its downward trajectory. Support levels can be found at 0.8380, 0.8350, and 0.8330. If the pair breaks below 0.8380, it could signal a deeper decline toward 0.8350. Resistance levels can be found at 0.8420 (20-day Simple Moving Average (SMA)), 0.8430, and 0.8440. A break above 0.8440 could indicate a potential trend reversal.

Overall, the technical indicators and recent price action suggest that the bearish momentum is likely to continue in the short term. As bears point their cannons towards 0.8380, a break below would mark a fresh yearly low, which would confirm a bearish outlook.

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold price oscillates in a range below one-week top; bullish potential seems intactGold price (XAU/USD) struggles to capitalize on its gains registered over the past two days and oscillates in a narrow range during the Asian session on Wednesday, just below a one-week high touched the previous day.
Author  FXStreet
21 hours ago
Gold price (XAU/USD) struggles to capitalize on its gains registered over the past two days and oscillates in a narrow range during the Asian session on Wednesday, just below a one-week high touched the previous day.
placeholder
ADP Employment Change projected to show meager US job growth in JuneThe ADP Research Institute is poised to release its June Employment Change report on Wednesday, and it will explore the dynamics of private sector job gains.
Author  FXStreet
19 hours ago
The ADP Research Institute is poised to release its June Employment Change report on Wednesday, and it will explore the dynamics of private sector job gains.
placeholder
Solana (SOL) at Crossroads — Bounce Likely If $142 Remains IntactSOL price is now recovering and might aim for a fresh increase above the $150 zone.
Author  NewsBTC
17 hours ago
SOL price is now recovering and might aim for a fresh increase above the $150 zone.
placeholder
EUR/USD pulls back from highs as investors await further US employment dataThe EUR/USD pair posts moderate losses on Wednesday, trading near 1.1780 at the time of writing.
Author  FXStreet
18 hours ago
The EUR/USD pair posts moderate losses on Wednesday, trading near 1.1780 at the time of writing.
placeholder
Dogecoin Closes June In The Red With 14% Losses, Will July Be Any Better?With the close of June, the Dogecoin price has once again confirmed the bearish trend of the month.
Author  Bitcoinist
17 hours ago
With the close of June, the Dogecoin price has once again confirmed the bearish trend of the month.
Related Instrument
goTop
quote