EUR/GBP PRICE ANALYSIS: BEARS SHOW NO MERCY AND PUSH THE CROSS TO LOWS SINCE 2022
- EUR/GBP extended its downtrend on Monday, declining by 0.50% to 0.8335.
- The breach below 0.8350 marked a low since April 2022.
- The RSI has entered the oversold territory, while the MACD signals increasing bearish momentum.
The EUR/GBP pair continued its downward streak on Monday, declining by 0.50% to 0.8335, its lowest level since April 2022. The selling pressure remains relentless, and the technical indicators signal a negative trend, supporting the bearish outlook.
On the daily chart, the Relative Strength Index (RSI) has entered the oversold territory, with a value of 28. This sharp decline indicates that selling pressure is rising. The Moving Average Convergence Divergence (MACD) histogram remains red and rising, also suggesting increasing bearish momentum.
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