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
SK Hynix ADR Premium Narrows Sharply, Two-Way Conversion Imminent, Arbitrage Window Tests PricingAfter experiencing a wild surge following its initial listing, SK Hynix ( SKHY) ADR premium is rapidly unwinding. In US trading on Wednesday, July 15, SK Hynix ADRs closed down 9% at $176
Author  TradingKey
5 hours ago
After experiencing a wild surge following its initial listing, SK Hynix ( SKHY) ADR premium is rapidly unwinding. In US trading on Wednesday, July 15, SK Hynix ADRs closed down 9% at $176
placeholder
Today’s Market Recap: Unexpected PPI Drop Boosts Markets, Apple Hits All-Time High, AI Hardware Stocks Remain Under Pressure, Micron, SanDisk SlumpOn July 15, Eastern Time, the three major US stock indexes closed higher for the second consecutive trading day. The unexpected decline in the US June PPI further st
Author  TradingKey
14 hours ago
On July 15, Eastern Time, the three major US stock indexes closed higher for the second consecutive trading day. The unexpected decline in the US June PPI further st
placeholder
Gold Price Trend Forecast: Why Did Gold Prices Fall After US CPI Cooled? Fed Chair Speech and Iran Situation Become Obstacles As of the Asian trading session on July 15, gold ( XAUUSD) prices fell back to fluctuate near $4,030, erasing nearly all of the gains driven by yesterday's positive CPI data. Looking at t
Author  TradingKey
Yesterday 09: 28
As of the Asian trading session on July 15, gold ( XAUUSD) prices fell back to fluctuate near $4,030, erasing nearly all of the gains driven by yesterday's positive CPI data. Looking at t
placeholder
WTI rises as Trump's threats strikes on IranWest Texas Intermediate (WTI) oil price extends its gains for the third successive day, trading around $79.20 per barrel during the Asian hours on Wednesday. Crude oil prices have climbed following threats from US President Donald Trump regarding additional military strikes on Iran.
Author  FXStreet
Yesterday 01: 21
West Texas Intermediate (WTI) oil price extends its gains for the third successive day, trading around $79.20 per barrel during the Asian hours on Wednesday. Crude oil prices have climbed following threats from US President Donald Trump regarding additional military strikes on Iran.
placeholder
Gold Price Trend Forecast: June CPI Plus Fed Chair Congressional Testimony, Can Gold Price Hold Above $4,000?As of the Asian session on July 14, gold ( XAUUSD) prices consolidated around the $4,000 mark, briefly slipping below $4,000 intraday to hit a low of $3,983.23. Looking at the market acti
Author  TradingKey
Jul 14, Tue
As of the Asian session on July 14, gold ( XAUUSD) prices consolidated around the $4,000 mark, briefly slipping below $4,000 intraday to hit a low of $3,983.23. Looking at the market acti
Related Instrument
goTop
quote