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18 Sep 2019

EUR/GBP technical analysis: Bearish momentum is weakening

EUR/GBP could be in for a minor corrective bounce to 0.89.
Daily chart indicator shows the bearish momentum has likely run out of steam.

EUR/GBP could be in for a minor bounce, as the key indicator shows the bearish momentum has weakened.

The daily chart moving average convergence divergence (MACD) histogram has created higher lows in the last few days, contradicting lower lows on EUR/GBP.

That divergence indicates the bearish move is losing traction. Also, on Tuesday, the pair created an inverted hammer candle at the 200-day moving average support, indicating seller exhaustion near key support.

The pair, therefore, could rise to 0.89 in a day or two. As of writing, EUR/GBP is trading at 0.8861, representing little change on the day.

The case for a bounce would weaken if the pair drops below Tuesday's low of 0.8838.

Daily chart

Trend: Corrective bounce

Technical levels

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