EUR/GBP PRICE ANALYSIS: BEARS PUSH DOWN, EYES ON SUPPORT BREAK
- The EUR/GBP declined towards reaching 0.852 and bears threatened the 0.8500 area.
- Bearish indicators signal the potential for a downside move.
- The 0.8500 (20 and 100-day SMA crossover) level remains a critical support to watch.
In Wednesday's session, the EUR/GBP resumed its losses, to settle at 0.8520. Technical indicators paint a mixed picture but the sellers appear to be threatening with breaking the 0.8500 support.
The Relative Strength Index (RSI) has fallen to 55, suggesting a decrease in buying pressure, while the Moving Average Convergence Divergence (MACD) is forming rising red bars, indicating growing bearish momentum. Volume patterns have been mixed, with a flat trend in recent sessions.
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