EUR/GBP Price Analysis: Bear keep reins below 0.8610 key hurdle

• EUR/GBP consolidates recent losses inside a choppy range.
• Oversold RSI probes sustained downside break of short-term key HMAs, support lines.
• May’s low can lure bears below monthly bottom.

EUR/GBP holds lower ground near 0.8590, following its heaviest drop in two weeks the previous day.

In doing so, the cross-currency pair keeps key HMA breakdown, not to forget short-term support line break, amid oversold RSI conditions during Friday’s Asian session.

The RSI normalization could portray a corrective pullback towards the previous support lines surrounding 0.8600. However, any further upside will be tested by a convergence of 100 and 200-HMA near 0.8610.

Also acting as the upside filter is early Thursday’s low near 0.8620 and Tuesday’s top close to 0.8630.

Meanwhile, bears could re-enter below the latest swing low of 0.8586 to target the monthly bottom around 0.8565.

It’s worth noting that EUR/GBP weakness past-0.8565 will be challenged by the last month’s bottom of 0.8560 before directing bears to the mid-March lows around 0.8530.

Overall, EUR/GBP remains on the back foot and appealing for the sellers.

EUR/GBP hourly chart

Trend: Further losses expected