EUR/GBP Price Analysis: Bearish Momentum grows as cross slides further below 20-day SMA

Source Fxstreet
  • EUR/GBP saw further losses and landed at 0.8330.
  • Indicators continue to weaken with the RSI deep in negative terrain.
  • As long as the cross holds below the 20-day SMA, the short-term bias will be negative.

The EUR/GBP pair continued its bearish trajectory on Tuesday, extending Monday's decline and falling to 0.8330, down 0.30% for the day. The recent drop reinforces the negative short-term bias, especially as the cross remains below the 20-day Simple Moving Average (SMA), which has turned into a resistance point.

The inability of the bulls to reclaim the 0.8400 resistance level highlights the weakness in buying momentum. This was underscored by a sharp drop in the Relative Strength Index (RSI), which now sits deeper in negative territory, falling below 40. This suggests increased selling pressure as the RSI moves further away from the 50-neutral line.

The Moving Average Convergence Divergence (MACD) continues to emit bearish signals. Although the histogram remains green, it is printing decreasing bars, indicating a fading bullish momentum and further weakening of the pair.

For bears to maintain control, a decisive break below the 0.8300 support level is needed to confirm the downtrend.

Support levels: 0.8320, 0.8300, 0.8280
Resistance levels: 0.8360, 0.8390, 0.8400

EUR/GBP daily chart

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
US-Iran Rift Persists, Will Gold Rise or Fall Next?US-Iran tensions persist; $4,400 becomes the gold ( XAUUSD) bulls' make-or-break level.During the European session on March 26, as of press time, spot gold retreated 1.5% to $4,436.42 per
Author  TradingKey
9 hours ago
US-Iran tensions persist; $4,400 becomes the gold ( XAUUSD) bulls' make-or-break level.During the European session on March 26, as of press time, spot gold retreated 1.5% to $4,436.42 per
placeholder
Gold rallies on hopes for US-Iran talks and falling US Treasury yieldsGold price (XAU/USD) gains nearly 2% on Wednesday as Oil futures prices tumbled amid growing speculation that the US and Iran would begin talks to end the conflict that started nearly four weeks ago. At the time of writing, XAU/USD trades at $4,556.
Author  FXStreet
18 hours ago
Gold price (XAU/USD) gains nearly 2% on Wednesday as Oil futures prices tumbled amid growing speculation that the US and Iran would begin talks to end the conflict that started nearly four weeks ago. At the time of writing, XAU/USD trades at $4,556.
placeholder
Gold Prices Under Pressure After Hitting $4,600, UBS: Safe-Haven Logic Unchanged But Only Delayed.Impacted by signs of easing geopolitical risks in the Middle East, international gold prices (XAUUSD) rebounded sharply after previously falling to the $4,100 level, at one point climbing
Author  TradingKey
Yesterday 10: 28
Impacted by signs of easing geopolitical risks in the Middle East, international gold prices (XAUUSD) rebounded sharply after previously falling to the $4,100 level, at one point climbing
placeholder
Trump TACO Trade Saves Market, But Who Are the First Victims of the TACO Trade? As U.S. President Trump once again signaled a de-escalation of tensions in the Middle East, global markets swiftly entered "TACO trade" mode: risk assets rallied, safe-haven assets retrea
Author  TradingKey
Mar 24, Tue
As U.S. President Trump once again signaled a de-escalation of tensions in the Middle East, global markets swiftly entered "TACO trade" mode: risk assets rallied, safe-haven assets retrea
placeholder
WTI rises back above mid-$90.00s amid Middle East tensions and supply risksWest Texas Intermediate (WTI) Crude Oil prices gain traction in Asian trading Tuesday, building on Monday’s rebound from the $84.00 mark, a near two-week low. The commodity climbs above the mid-$90.00s, supported by supply fears.
Author  FXStreet
Mar 24, Tue
West Texas Intermediate (WTI) Crude Oil prices gain traction in Asian trading Tuesday, building on Monday’s rebound from the $84.00 mark, a near two-week low. The commodity climbs above the mid-$90.00s, supported by supply fears.
Related Instrument
goTop
quote