The EUR/GBP on the 4-hour time frame has been following a downtrend recently. The price broke below 0.90300 on 22 August. Bears are pushing the price lower as key technical indicators are supporting the bearish move. The price action in the EUR/GBP is mainly driven by the recent strength in the GBP. As of writing, the price is hovering around 0.90500 with negative MACD and price below 200 period simple moving average.
The 4-hour 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 below the 200-period Simple 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 the bearish sentiment.
In alternative scenario, key resistance level lies at 0.91868. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour 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 below the 200-period Simple 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 the bearish sentiment.
In alternative scenario, key resistance level lies at 0.91868. Bulls must break this level in order to regain bullish sentiment in the market.