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 rebounds above $4,350 as US Dollar, Treasury yields slipGold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.
Author  FXStreet
Sep 03, Thu
Gold price (XAU/USD) rebounds from a nearly one-month low to around $4,385 during the early Asian session on Thursday. The precious metal edges higher as the ‌US Dollar (USD) and Treasury yields retreat from recent highs.
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP await US NFP for next directional moveBitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their weekly gains on Friday as traders await the US Nonfarm Payrolls (NFP) report for the next directional catalyst.
Author  FXStreet
Sep 04, Fri
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) extend their weekly gains on Friday as traders await the US Nonfarm Payrolls (NFP) report for the next directional catalyst.
placeholder
Japanese Yen rallies to February 18 high as upbeat wage data and GDP lift BoJ hike betsThe USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.
Author  FXStreet
Sep 08, Tue
The USD/JPY pair declines for the second straight day – also marking the fourth day of a fall in the previous five – and sinks to its lowest level since February 18, around mid-153.00s during the Asian session on Tuesday.
placeholder
Gold slumps to near $4,350 amid oil-driven inflation fears, US inflation data in focusGold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.
Author  FXStreet
Yesterday 01: 13
Gold price (XAU/USD) falls to near $4,350 during the early Asian session on Wednesday. The precious metal faces some selling pressure as rising oil prices fueled inflation ‌concerns and boosted expectations for a rate hike by the Federal Reserve (Fed) in September.
placeholder
US dollar clings to nine-week lows near 98.4 as Brent nears $100 and the yen hits a seven-month high — five events to watch todayThe dollar is pinned near nine-week lows even after a blockbuster jobs report, as an oil spike toward $100, a surging yen and China's reflation data crowd the driver's seat. Five key events to watch today: Brent at $99.46, USD/JPY at 154, China CPI/PPI, PBOC gold buying, and Thursday's PPI / Friday's CPI ahead of the September 15-16 FOMC.
Author  Eric Nkando
23 hours ago
The dollar is pinned near nine-week lows even after a blockbuster jobs report, as an oil spike toward $100, a surging yen and China's reflation data crowd the driver's seat. Five key events to watch today: Brent at $99.46, USD/JPY at 154, China CPI/PPI, PBOC gold buying, and Thursday's PPI / Friday's CPI ahead of the September 15-16 FOMC.
Related Instrument
goTop
quote