EURGBP opened the week on a negative note, keeping its footing around the Ichimoku cloud and the 0.8400 handle. Trend signals remain daunting as the price continues to trade comfortably below its 200-day simple moving average (SMA), which proved to be a tough resistance area.
As regards the market momentum, some pessimism seems to be building and a downside correction may be looming as the RSI is sloping down in the positive territory, while the MACD is moving with weak momentum around its zero area.
Should the bears dominate, driving the price below the 0.8425 level, the spotlight will shift to the crucial 23.6% Fibonacci retracement level of the down leg from 0.8720 to 0.8285 at 0.8388, where any step lower will put the pair in a bearish move in the medium-term picture. The long-term outlook will also face a deterioration if the decline extends below the 0.8285 mark.
In the event the bulls take control, the 38.2% Fibonacci of 0.8450 where the restrictive Ichimoku cloud is currently hovering, will come first into view. A violation at this point may see another challenging battle around the 200-day SMA, which coincides with the 50.0% Fibonacci of 0.8505. If buyers claim that zone this time, the descending line near 0.8530 could immediately add some downside pressure, deterring a continuation towards the 61.8% Fibonacci of 0.8557.
In brief, EURGBP continues to face negative trend signals, and only a confirmation above the downtrend line may change this view in the long- and short-term timeframes.
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