EUR/GBP Price Analysis: Bears push pair near 0.8400, outlook negative
- EUR/GBP maintains its downtrend, falling near the 0.8400 mark and then recovering above.
- Indicators remain deep in negative area.
- Buyers must defend the 0.8400 range to avoid declines.
In Wednesday's session, the EUR/GBP pair extended its losses, down to 0.8425, reflecting a persistent bearish outlook by the sellers. The pair has been extending its losing streak to six consecutive sessions. The technical indicators continue to align with the bearish trend, but on the positive side, buyers stepped in to defend the 0.8400 area after falling to a low of 0.8410.
The Relative Strength Index (RSI) stands at 40 and the Moving Average Convergence Divergence (MACD) continues to print rising red bars, suggesting increasing bearish momentum This convergence of indicators points to a likely continuation of the downtrend.
After seven sessions of losses, the next sessions might see a rebound and sellers might eventually run out of steam. Regarding the overall outlook, the outlook will be depend on whether the pair holds the 0.8400 line.
EUR/GBP daily chart
