EUR/GBP Price Analysis: Sellers bet on multi-month support near 0.8490

• EUR/GBP remains muted on Friday in the Asian trading hours.
• A decisive break of 0.8490 entices more downside movement.
• Momentum oscillators trade below the midline with a bearish crossover.

After a steep fall in the previous session, the EUR/GBP pair lick the wounds in the Asian session on Friday.

At the time of writing, EUR/GBP is trading at 0.8496, up 0.03% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been trading lower since the high made on April 26 around 0.8719. The descending trendline acts as a strong barrier for the bulls.

A sustained move below the intraday low would meet the levels last seen in 2020, with the first downside target placed on 27 February 2020 at 0.8433.

In doing so, EUR/GBP bears would then make a way to reach the 0.08405 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator trades with bearish crossover below the midline. Any downtick in the MACD would prompt bears to retest the low of February 26 at 0.8356.

Alternatively, if price moves higher, in that case, the first upside target emerges at the 0.8515 horizontal support level.

Next, the bulls would aim at the previous day’s high of 0.8528, followed by the 0.8540 horizontal resistance level.

EUR/GBP additional levels