The EUR/GBP currency pair on the daily time frame has been following a downtrend recently. The price experienced high volatility amid recent Brexit developments. EUR/GBP registered 2-year low at 0.84731 on 13 March. The price dipped below the key support level of 0.85310 and as of writing, the price is hovering around 0.85460. The price action in the EUR/GBP is mainly driven by the strength in the Pound Sterling. Moving average and RSI supports bearish move in the EUR/GBP currency pair.
The daily chart of the EUR/GBP confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/GBP. RSI (Relative Strength Index) showing values below 50 which supports bearish sentiment in the market. If price dips below the last support level of 0.84731 (Low of 13 March) then it can open doors for further selling pressure.
In alternative scenario, key resistance level lies at 0.86791, if price breaks above this level, only then bulls can regain the confidence.
The daily chart of the EUR/GBP confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/GBP. RSI (Relative Strength Index) showing values below 50 which supports bearish sentiment in the market. If price dips below the last support level of 0.84731 (Low of 13 March) then it can open doors for further selling pressure.
In alternative scenario, key resistance level lies at 0.86791, if price breaks above this level, only then bulls can regain the confidence.