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• The EUR/GBP currency pair suffered losses this past week, as it recently was positioned at the 0.8660 level with a decline of 0.30%.
• Daily chart indicators revealed signs of bearish momentum, with the RSI's negative bias and the MACD's waning positive momentum.
• Despite a temporary bearish outlook, the broader term may see bulls in control.
• The currency cross closed a with an approximately 2% yearly loss.

In Friday's session, the EUR/GBP currency pair slipped down to the 0.8660 level, shedding a small 0.30%. Breathing room for bearish activities emerged after the pair gained 1% last week. Both daily and four-hour charts signaled a neutral to bullish bias, with buyers slightly dominating and significant strides being made in the four-hour indicators.

The degrading slope of the Relative Strength Index on positive ground seemed to suggest that the buying momentum had slowed down. The green bars of the Moving Average Convergence Divergence (MACD) displayed a declining pattern, indicating a transition from bullish to bearish momentum.

However, the pair was seen hovering above its 20-, 100-, and 200-day Simple Moving Averages (SMAs). This could underpin a bullish longer-term narrative despite the short-term indicators predominately leaning toward the sellers over the past week, especially after the near 1% weekly gain.

Shifting the focus to the shorter time frame, the bears covered some considerable territory. The Relative Strength Index (RSI), which was recently seen showing a downward inclination, was in negative territory, pointing out an intensified bearish momentum aligning with the decreasing green bars in the Moving Average Convergence Divergence (MACD), echoing the dominant selling force.

• Support Levels: 0.8655 (200-day SMA), 0.8640 (100-day SMA), and 0.8620 (20-day SMA).
• Resistance Levels: 0.8700, 0.8750, and 0.8800.

EUR/GBP Daily Chart

(Click on image to enlarge)

EUR/GBP Technical Levels

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