EURGBP plummeted to a new one-year low at 0.8538, holding well below the simple moving averages (SMAs) in the daily timeframe.
The aggressive selling interest started after the touch of the 0.9230 resistance, with the technical indicators confirming this structure. The RSI and the stochastic are moving in the oversold regions, while the MACD is losing ground beneath its trigger and zero lines.
A successful break below the 0.8545 support could send the market towards the next 0.8280 obstacle, taken from the low in February 2020. But first the price may rest around the 0.8500 and 0.8400 psychological levels.
In the short-term, EURGBP has been in a bearish bias over the last two months, while any advances above the 200-day SMA currently at 0.8990 may shift this outlook to neutral.
