Mixed outlook as selling pressure rises, 20-day SMA rejects buyers

• EUR/GBP got rejected once again by the 20-day SMA.
• RSI suggests selling pressure is rising, while MACD indicates buying pressure is declining.
• Movements below the 0.8400 threshold might trigger movements towards 0.8300.

In Thursday’s session the EUR/GBP declined by 0.30% to 0.8330 after the cross surged and attempted to recover the 20-day SMA on Wednesday but got rejected and resumed its downwards paths.

The Relative Strength Index (RSI) is currently at 40, in negative area and on a declining slope, indicating that selling pressure is rising while the Moving Average Convergence Divergence (MACD) suggests buying pressure is declining. 

In case the cross fails to recover the 20-day SMA around 0.8350 support levels are at 0.8315, and 0.8300, while key resistance levels at 0.8380, 0.8400, and 0.8420.

EUR/GBP daily chart