EUR/GBP has finished pulling back and resumed its downtrend.
EUR/GBP ends its pullback and resumes its bearish tempo. The RSI is converging bullishly with price, however, signifying a lack of bearish momentum accompanies the latest move. It has broken below the 0.8317 September 24 low, confirming a lower low and extension towards the next target at 0.8287, the August 2022 low. It remains in a downtrend on a short and medium-term basis, and given the principle that “the trend is your friend” the odds favor an extension.
EUR/GBP Daily Chart That said, the Relative Strength Index is converging bullishly with price when comparing the September 24 low with the lower low of October 1 . Although the price has declined, the RSI has not. This signifies a lack of downside momentum accompanies the latest sell-off. This increases the risks it could stall or even pullback. EUR/GBP has already reached the conservative target for the bear move that began at the August 5 high, at 0.8322. This is the 61.
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