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
Semiconductor Sector Continues to Rise, Should Retail Investors Buy Intel or AMD? On April 23, Eastern Time, Intel (INTC) reported its latest quarterly earnings results, showing that revenue grew 7% to $13.6 billion and earnings per share was $0.29, beating expectation
Author  TradingKey
8 hours ago
On April 23, Eastern Time, Intel (INTC) reported its latest quarterly earnings results, showing that revenue grew 7% to $13.6 billion and earnings per share was $0.29, beating expectation
placeholder
Gold drops below $4,700 on stronger US Dollar, Middle East tensions Gold price (XAU/USD) falls to around $4,690 during the early Asian session on Friday. The precious metal attracts some sellers amid a stronger US Dollar (USD) and elevated oil prices that stoked inflation worries. 
Author  FXStreet
18 hours ago
Gold price (XAU/USD) falls to around $4,690 during the early Asian session on Friday. The precious metal attracts some sellers amid a stronger US Dollar (USD) and elevated oil prices that stoked inflation worries. 
placeholder
Silver Price Forecast: XAG/USD plummets below $76 as oil price posts fresh weekly highSilver price (XAG/USD) is down almost 2.3% to near $76.00 during the European trading session on Thursday. The white metal faces selling pressure as oil prices extends its winning streak for the third trading day on Thursday.
Author  FXStreet
Yesterday 10: 10
Silver price (XAG/USD) is down almost 2.3% to near $76.00 during the European trading session on Thursday. The white metal faces selling pressure as oil prices extends its winning streak for the third trading day on Thursday.
placeholder
WTI sticks to positive bias above $92.00 amid Middle East tensionsWest Texas Intermediate (WTI) – the benchmark US Crude Oil price – fades an Asian session spike to the $95.80-$95.85 area, or a one-and-a-half-week top, and retreats to the lower end of its daily range in the last hour.
Author  FXStreet
Yesterday 01: 24
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – fades an Asian session spike to the $95.80-$95.85 area, or a one-and-a-half-week top, and retreats to the lower end of its daily range in the last hour.
placeholder
JPMorgan Raises S&P 500 Target; Can AI Sector Continue to Drive US Stocks?JPMorgan Chase has raised its year-end target for the S&P 500, noting that the core driver is not a simple recovery in sentiment, but rather upward earnings revisions for AI-related techn
Author  TradingKey
Apr 22, Wed
JPMorgan Chase has raised its year-end target for the S&P 500, noting that the core driver is not a simple recovery in sentiment, but rather upward earnings revisions for AI-related techn
Related Instrument
goTop
quote