EUR/GBP Price Analysis: Bull Struggle To Hold Ground And Give Up The 20-Day SMA

The EUR/GBP trades lower at 0.8540, with a 0.30% drop.

Declining RSI on the daily chart stands indicative of mounting selling pressure.

On a shorter four-hour chart span, flat indicators are in negative territory after a sharp plunge during the European session.

In Tuesday’s session, the EUR/GBP pair was seen taking a dip to 0.8540, falling below the 20-day Simple Moving Average (SMA). The mix of hawkish US Federal Reserve bets, rising US Treasury yields and negative  Retail Sales figures from December, drove down the cross. Technically speaking, bears still dominate the daily  while indicators flattened in negative territory on the four-hour chart.
 EUR/GBP levels to watchEvaluating the daily chart, the lingering presence of selling pressure is evident. This is mirrored through the Relative Strength Index (RSI), which is traced in a downward trajectory in negative territory which signals the persistent dominance of sellers. The Moving Average Convergence Divergence (MACD) exhibits stability with flat green bars, pointing towards a restrained bullish traction. Moreover, the pair’s position under the 20, 100, and 200-day Simple Moving Averages (SMAs) underlines the prevailing bearish trend on a broader scale. The fact that the bulls failed to consolidate above the 20-day SMA also speaks of a bearish bias.Shifting to the short-term technical outlook on the four-hour chart, it further underpins the bearish sentiment. The  are rather stale in the negative region, which were previously on a sharp descent during the European session. This combination of signals suggests that the cross may consolidate losses during the rest of the session but that the overall trend is still tilted to the downside.
 EUR/GBP daily chart

EUR/GBP

OVERVIEW Today last price 0.8543 Today Daily Change -0.0026 Today Daily Change % -0.30 Today daily open 0.8569 TRENDS Daily SMA20 0.8566 Daily SMA50 0.8601 Daily SMA100 0.8645 Daily SMA200 0.8627 LEVELS Previous Daily High 0.8572 Previous Daily Low 0.8529 Previous Weekly High 0.8568 Previous Weekly Low 0.8513 Previous Monthly High 0.8683 Previous Monthly Low 0.8513 Daily Fibonacci 38.2% 0.8556 Daily Fibonacci 61.8% 0.8546 Daily Pivot Point S1 0.8541 Daily Pivot Point S2 0.8514 Daily Pivot Point S3 0.8499 Daily Pivot Point R1 0.8584 Daily Pivot Point R2 0.8599 Daily Pivot Point R3 0.8627

More By This Author:USD/CAD Stretches Lower To Near 1.3530 On Improved Crude Oil Prices EUR/JPY Remains On The Defensive Below 159.70, Eyes On Eurozone Retail Sales EUR/GBP Edges Lower To Near 0.8570 Ahead Of Retail Sales Data From Eurozone, UK