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EURGBP Nearing Oversold Levels

FOREX
  • EURGBP has printed another fresh 2023 low Wednesday, marking a fourth consecutive session of lowers lows. The 14day RSI for the cross is on the cusp of becoming technically oversold for the first time since March 2021 - and bearish developments in the moving-average space also signal short-term downside momentum: the 50- and 200-dmas are on the verge of forming a death cross (50-dma < 200-dma).
  • The focus had been on 0.8593, the Dec 15 low, however this level has now been pierced. Below here the next key supports are as follows:
    • SUP 1: 0.8562 Low Dec 13 2022
    • SUP 2: 0.8547 Low Dec 1 2022 and key support

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