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EURGBP tests downtrend line; bearish outlook intact
EURGBP is moving slightly lower over the last ten days, following the pullback on the 0.8590 resistance and the descending trend line, which has been holding since the ten-year peak of 0.9324 last August. Currently, the price is developing within the 20- and 40-simple moving averages (SMAs) in the daily timeframe, which act as support and resistance respectively. The MACD oscillator is flattening below the zero line, while the RSI is moving slightly lower below the 50 level, signaling a continuation of the recent bearish sentiment. Should the price close comfortably below the 20-SMA (0.8480), which has been ... (full story)