The EUR/GBP pair extended its losses on Monday, dropping to 0.8270 after a 0.27% decline and nearing multi-year lows. This marks a fifth consecutive day in a downtrend, with technical indicators showing strong bearish momentum.
Technical Analysis
The Relative Strength Index (RSI) is at 38 and trending downward, signaling growing selling pressure. The Moving Average Convergence Divergence (MACD) is below zero with a red histogram, reinforcing the bearish outlook. Support levels are at 0.8250, 0.8230, and 0.8210, while resistance levels stand at 0.8330, 0.8370, and 0.8390.
The EUR/GBP pair’s downtrend, combined with bearish technical indicators, suggests that the current downward trend may continue, with selling pressure still dominant.
