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26 Aug 2024

EUR/GBP Price Analysis: Pair extends losses, 0.8450 support to determine trend

  • 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

 

Aug 26, 2024

USD/JPY: More downside – OCBC

USD/JPY fell in response to Powell’s dovish remarks last Fri and extended its decline this morning following the escalation in geopolitical tensions between Israel and Hezbollah over the weekend, OCBC FX strategist Frances Cheung and Christopher Wong note.
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Aug 26, 2024

USD/JPY to retest the 141.70 low – DBS

USD/JPY plunged 2.2% to 144.37 last week. Bank of Japan Governor Kazuo Ueda stood by the decision to keep hiking rates, DBS Senior FX Strategist Philip Wee notes.
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