EUR/GBP Price Analysis: Negative trend continues, downside risks prevail

EUR/GBP pair is on a four-day losing streak, reaching lows not seen in over a week
The MACD's rising red bars and declining RSI indicate increasing bearish momentum, suggesting further weakness for the pair.
Pair has broken deep below its 20-day SMA, reaching multi-week lows.

Patricio Martín FXStreet

The EUR/GBP fell towards 0.8310 as sellers continue pushing downwards but will face strong support at the psychological 0.8300 area.
The cross has been on a downward trajectory, breaking below its 20-day SMA and reaching multi-week lows. Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) confirm this bearish trend, signaling increasing selling momentum. The pair has recorded four consecutive days of losses, indicating that the selling pressure is intensifying, and further declines are possible.

The RSI is currently in negative territory at 42, with a mildly declining slope, implying that sellers are gaining momentum. The MACD's rising red histogram and elevated volume further support the bearish sentiment, indicating that bearish forces are dominating the market.

Support levels: 0.8300, 0.8275, 0.8250.
Resistance levels:0.8330, 0.8350, 0.8375.

EUR/GBP daily chart

Author

Patricio Martín

FXStreet

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

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.