EUR/GBP – Broader bearish trend remains dominant, targeting the critical 0.8200 support zone

EUR/GBP remains on the back foot on Monday, retracing further from Thursday’s spike, indicating that the near-term correction (from the 0.8260 low) may be nearing its end.

The broader downtrend continues to dominate, supported by firmly bearish daily indicators. Moving averages are in a fully bearish configuration, and the 14-day momentum has been in negative territory since late November, maintaining downward pressure.

Immediate support targets are located at 0.8267/60 (the December 5th low and the 2024 low set on November 11), with more significant support lying at 0.8211/02 (50% retracement of the broader 0.6924/0.9489 uptrend and the March 2022 low). A break below this level would signal the continuation of the broader downtrend.

The falling 10-day moving average (currently at 0.8301), which has closely tracked price movements over the past week, is expected to cap any upward movements and reinforce the broader bearish trend.

Res: 0.8301; 0.8316; 0.8336; 0.8355
Sup: 0.8267; 0.8260; 0.8211; 0.8202