The bears have no mercy and are pushing the cross to the 2022 low

• EUR/GBP extended its downtrend on Monday, falling 0.50% to 0.8335.
• The break below 0.8350 marked a low since April 2022.
• The RSI has entered oversold territory, while the MACD signals increasing bearish momentum.

EUR/GBP continued its downtrend on Monday, falling 0.50% to 0.8335, the lowest level since April 2022. Selling pressure remains relentless and technical indicators signal a negative trend, supporting the bearish outlook.

On the daily chart, the Relative Strength Index (RSI) has entered oversold territory at 28. This sharp decline indicates that selling pressure is building. The Moving Average Convergence Divergence (MACD) histogram remains red and rising, also suggesting an increase in bearish momentum.

EUR/GBP daily chart

Based on the current technical picture, the EUR/GBP pair is likely to continue its downward trajectory. That said, indicators entering oversold conditions could suggest that an upward correction could occur in the next session as sellers may take a break to consolidate gains.

Support levels: 0.8330, 0.8310, 0.8300
Resistance levels: 0.8350, 0.8400, 0.8430