EUR/GBP dives to lows since September, indicators flash oversold conditions

EUR/GBP was seen at 0.856 with a downside movement of 0.70%, it lowest since early September.
In the daily and 4-hour chart, indicators hit oversold conditions after a seven-day losing streak.
The cross will also close a 1.40% weekly loss.

Patricio Martín FXStreet

In Friday's session, the EUR/GBP pair was seen at 0.8560 after a downward rally of 0.70%. On the daily and four-hour chart, the cross reached oversold conditions suggesting that an upwards correction may be on the horizon, but the overall trend currently favours the sellers.

The technical indicators on the daily chart are exhibiting robust bearish momentum. The pair's position beneath the 20, 100 and 200-day Simple Moving Averages (SMAs) underscores the dominant downward trend. In addition, the rising red bars of the Moving Average Convergence Divergence (MACD) concur with this downward outlook, reinforcing the influence of bearish pressure while the Relative Strength Index (RSI) is navigated into oversold territory, a sign typically associated with selling saturation which tends to be followed by an upwards correction.

Examining the four-hour chart on the shorter time frame presents similar bearish signals. The pair shows signs of oversold conditions, as evidenced by the Relative Strength Index (RSI). while the Moving Average Convergence Divergence (MACD) prints rising red bars.

Support Levels: 0.8530, 0.8515, 0.8500.
Resistance Levels: 0.8600, 0.8630, 0.8670.

EUR/GBP daily chart

EUR/GBP

Overview
Today last price	0.8561
Today Daily Change	-0.0062
Today Daily Change %	-0.72
Today daily open	0.8623

Trends
Daily SMA20	0.8702
Daily SMA50	0.8688
Daily SMA100	0.864
Daily SMA200	0.8677

Levels
Previous Daily High	0.865
Previous Daily Low	0.8614
Previous Weekly High	0.8765
Previous Weekly Low	0.8672
Previous Monthly High	0.8766
Previous Monthly Low	0.8614
Daily Fibonacci 38.2%	0.8628
Daily Fibonacci 61.8%	0.8636
Daily Pivot Point S1	0.8608
Daily Pivot Point S2	0.8593
Daily Pivot Point S3	0.8572
Daily Pivot Point R1	0.8644
Daily Pivot Point R2	0.8664
Daily Pivot Point R3	0.8679

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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