In Monday's session, the EUR/GBP mildly rose to 0.8430, but sellers quickly regained control, pushing the pair back to the 0.8420 level.
EUR/GBP attempts a recovery but technicals support the downside. Near oversold RSI and bearish MACD signals and overall bearish outlook. The pair might side-ways trade in the next sessions above 0.8400. In Monday's session, the EUR/GBP mildly rose to 0.8430, but sellers quickly regained control, pushing the pair back to the 0.8420 level. Technical indicators remain aligned with the prevailing bearish trend, suggesting further downside is likely.
The Relative Strength Index is hovering near the oversold territory at around 37, with a flat slope indicating no clear momentum. The Moving Average Convergence Divergence continues to print red bars, reinforcing the selling pressure. Volume has been decreasing in recent sessions, indicating a stagnant selling momentum. Overall, while extreme oversold conditions may provide some temporary support, the technical outlook remains bearish.
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