EUR/GBP Price Analysis: Pair extends losses, 0.8450 support to determine trend
- EUR/GBP continues weak, bears eye the 0.8450 support.
- RSI flattened around 42, indicating an easing selling momentum.
- MACD shows rising red bars, suggesting a steady bearish pressure.
In Monday’s session, the EUR/GBP pair extended its losses, dipping further below the 0.8500 support level to land at 0.8460.
The daily Relative Strength Index (RSI) has fallen to 42, indicating a shift in favor of the sellers but its slope flattened. The Moving Average Convergence Divergence (MACD) is printing rising red bars, suggesting that the bearish pressure is steady.
Volume has declined in recent sessions, indicating a lack of conviction among market participants. On the other hand, the pair has formed a series of lower lows suggesting that the bears are currently in command but seem to be struggling around the 0.8450-08500 area. In that sense after four sessions of losses and with momentum flattening, the pair might enter into consolidation as the sellers take a breather.