- EUR/GBP has fallen further as buying pressure continues to subside.
- The latest price movements and technical indicators suggest that further declines are possible.
- 0.8380 will act as a strong barrier for sellers.
On Thursday’s session, EUR/GBP fell below 0.8400, dropping slightly by 0.20%. On the technical side, the overall trend remains bearish amid intensifying selling pressure and the cross must hold the 0.8380 line to avoid further losses.
The Relative Strength Index (RSI), currently at 37, is declining sharply in the negative territory, indicating increasing selling pressure.Furthermore, the Moving Average Convergence Divergence (MACD) is also suggesting increasing selling pressure as its histogram is rising into the red.
EUR/GBP daily chart
Based on current technical analysis, EUR/GBP is likely to continue falling with support levels at 0.8380, 0.8350, and 0.8330. Resistance levels are at 0.8430 (20-day SMA), 0.8450, and 0.8500. 0.8380 is a strong support and a break above it will mark the lowest price since 2022, confirming the negative outlook for the cross.
