On Thursday, the EUR/GBP pair continued its downward trend, losing 0.30% to finish at 0.8490.
EUR/GBP lost ground and fell below the 0.8500 support level. Bearish signals rise, indicating a possible downtrend in the next session. The 0.8470 area is another barrier for the bears. Technical indicators present a mixed outlook, with selling forces appearing to be taking command. The Relative Strength Index has declined to 49, which might signal a momentum shift. Meanwhile, the Moving Average Convergence Divergence is displaying rising red bars, suggesting a growing bearish momentum.
Volume patterns have been decreasing, with a lack of conviction among market participants. The EUR/GBP pair is facing a potential bearish trend, with selling pressure likely to persist. A consolidation below the key 0.8500 support would strengthen the bearish bias and create opportunities for further declines. However, the 0.8470 area would present another strong wall to the bears.
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