The EUR/GBP pair is continuing its downward trend, with the price falling to a fresh fortnight low. The pair has broken below key support levels, including the 200-day SMA and the 0.618 Fibonacci retracement level.
The Relative Strength Index (RSI) is currently heavily oversold, suggesting potential for a rebound. However, the pair’s recent bearish momentum and the breakdown below the channel line indicate a continued downward bias.
Technical Outlook
A decisive break below the 0.8453 level, the low of the bullish Hammer candlestick pattern, would confirm a continuation of the downtrend. The long-term trend remains bearish, although the medium-term trend is bullish.
