EUR/GBP Falls Towards June Low
EUR/GBP extends the decline from the start of the month to approach the June low (0.8397), and the exchange rate may track the negative slope in the 50-SMA (0.8503) as it holds below the moving average.
EUR/GBP Rate Outlook
EUR/GBP snaps the range bound price action from earlier this week to register a fresh monthly low (0.8426), and failure to defend the June low (0.8397) may push the exchange rate towards 0.8380 (78.6% Fibonacci extension).
Next area of interest comes in around the August 2022 low (0.8340), and a move below 30 in the Relative Strength Index (RSI) is likely to be accompanied by a further decline in EUR/GBP like the price action from last month.
Nevertheless, failure to test the June low (0.8397) may keep the RSI out of oversold territory but need a move back above 0.8470 (61.8% Fibonacci extension) to bring the monthly high (0.8499) on the radar.
--- Written by David Song, Strategist at FOREX.com
EUR/GBP Rate Outlook
EUR/GBP snaps the range bound price action from earlier this week to register a fresh monthly low (0.8426), and failure to defend the June low (0.8397) may push the exchange rate towards 0.8380 (78.6% Fibonacci extension).
Next area of interest comes in around the August 2022 low (0.8340), and a move below 30 in the Relative Strength Index (RSI) is likely to be accompanied by a further decline in EUR/GBP like the price action from last month.
Nevertheless, failure to test the June low (0.8397) may keep the RSI out of oversold territory but need a move back above 0.8470 (61.8% Fibonacci extension) to bring the monthly high (0.8499) on the radar.
--- Written by David Song, Strategist at FOREX.com
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