- EUR/GBP continues weak, bears eye the 0.8450 support.
- RSI flattened around 42, indicating an easing selling momentum.
- MACD shows rising red bars, suggesting a steady bearish pressure.
In Monday's session, the EUR/GBP pair extended its losses, dipping further below the 0.8500 support level to land at 0.8460.
The daily Relative Strength Index (RSI) has fallen to 42, indicating a shift in favor of the sellers but its slope flattened. The Moving Average Convergence Divergence (MACD) is printing rising red bars, suggesting that the bearish pressure is steady.
Volume has declined in recent sessions, indicating a lack of conviction among market participants. On the other hand, the pair has formed a series of lower lows suggesting that the bears are currently in command but seem to be struggling around the 0.8450-08500 area. In that sense after four sessions of losses and with momentum flattening, the pair might enter into consolidation as the sellers take a breather.
EUR/GBP daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
![EUR/USD stays below 1.1200 after upbeat US data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-59004818_XtraSmall.jpg)
EUR/USD stays below 1.1200 after upbeat US data
EUR/USD stays below 1.1200 in the American session on Monday. The data from the US showed that Durable Goods orders rose at a much stronger pace than expected in July, supporting the USD and not allowing the pair to stage a decisive rebound.
![GBP/USD fluctuates near 1.3200 amid cautious market mood](https://editorial.fxstreet.com/images/Markets/Currencies/Crosses/GBPCAD/cash-346315_XtraSmall.jpg)
GBP/USD fluctuates near 1.3200 amid cautious market mood
GBP/USD is off multi-month highs, consolidating gains near 1.3200 on Monday. Better-than-forecast Durable Goods Orders data from the US and the cautious market stance helps the US Dollar hold its ground and limits the pair's upside.
![Gold retains gains above $2,500, higher highs at sight](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stacks-of-gold-bars-19033163_XtraSmall.jpg)
Gold retains gains above $2,500, higher highs at sight
Gold retreats from the daily high it set above $2,520 but manages to stay afloat above $2,500 on Monday. The 10-year US yield stabilizes near 3.8% and the US Dollar benefits from the negative shift seen in risk sentiment, making it hard for XAU/USD to stretch higher.
![Three fundamentals for the week: Focus on the fragility of the US economy](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Employment/NFP/american-dollar-bills-on-a-stars-and-stripes-flag-28691402_XtraSmall.jpg)
Three fundamentals for the week: Focus on the fragility of the US economy Premium
Is the world's largest economy faltering? The first key two figures to be released this week are focused on the fragility of the economy, and the last one is on the battle the Fed is winning: inflation.
![Toncoin price crashes double-digits as Telegram CEO Pavel Durov Arrested](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
Toncoin price crashes double-digits as Telegram CEO Pavel Durov Arrested
Toncoin (TON) plunged 14% in two days, reaching a low of $5.23 on Sunday. As of Monday, it trades at around $5.73. This bearish sentiment was initiated by the arrest of Pavel Durov, CEO of Telegram, by the Fench authorities on Saturday.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.