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
Ethereum (ETH) Price Closes Above $3,900 — Is a New All-Time High Possible Before 2024 Ends?Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Author  Beincrypto
Dec 17, 2024
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
placeholder
Silver Price Forecast: XAG/USD slips below 50-day SMA on strong US DollarSilver price retreats during the North American session nearly 1%, after reaching a daily high of $78.20.
Author  FXStreet
Yesterday 00: 13
Silver price retreats during the North American session nearly 1%, after reaching a daily high of $78.20.
placeholder
Gold declines as trading volumes remain subdued due to holidays in ChinaGold price (XAU/USD) extends its losses for the second successive session, trading around $4,930 per troy ounce during the Asian hours on Tuesday.
Author  FXStreet
Yesterday 05: 28
Gold price (XAU/USD) extends its losses for the second successive session, trading around $4,930 per troy ounce during the Asian hours on Tuesday.
placeholder
Gold weakens as USD uptick and risk-on mood dominate ahead of FOMC MinutesGold (XAU/USD) attracts some follow-through selling for the second straight day and slides to the $4,922 area during the Asian session on Tuesday amid thin liquidity on the back of the Lunar New Year holidays in China.
Author  FXStreet
Yesterday 05: 58
Gold (XAU/USD) attracts some follow-through selling for the second straight day and slides to the $4,922 area during the Asian session on Tuesday amid thin liquidity on the back of the Lunar New Year holidays in China.
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face downside risk as bears regain control Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
Author  FXStreet
8 hours ago
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.
Related Instrument
goTop
quote