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- The EUR/GBP pair continued its losses on Friday and the support at 0.8500 disappeared.
- Mixed technical indicators indicate a potential downtrend.
- 0.83700 level remains a potential target for bears as August gains are liquidated.
Friday, euro/pound The pair extended its losses from Friday, falling 0.18% to trade at 0.8470. The pair lost more ground below the 0.8500 level and erased a significant portion of the gains made in August that had pushed the pair above 0.8600.
The daily Relative Strength Index (RSI) has dropped to 44, indicating that momentum is shifting in favor of sellers. The Moving Average Convergence Divergence (MACD) is printing bullish red bars, indicating that the bearish pressure is getting stronger.
If the pair fails to hold the 0.8470 level, it could drop to 0.8370 (late July low) if selling pressure remains strong. On the other hand, a recovery above the 0.85000 level could lead to gains to 0.8550.
