EUR/GBP Price Analysis: Consolidates near multi-month low around 0.8480 mark

• EUR/GBP remains muted on Monday in the European trading hours.
• Bears remain hopeful upon a decisive break of 0.8480.
• Momentum oscillators hold onto the oversold zone with a bearish sentiment.

EUR/GBP remains muted at the beginning of the fresh trading week and remains in the shadow of the previous week’s downside momentum.

At the time of writing, EUR/GBP is trading at 0.8480, up 0.02% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been trading lower since the high made on July 20 around 0.8669. The formation of Doji candlesticks indicates indecisiveness among traders.

EUR/GBP Weekly chart

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 0.8405 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone. 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 0.8495 horizontal resistance level.

Next, the bulls would aim at the 0.8520 horizontal resistance level followed by the high made on July 30 at 0.8539.

EUR/GBP additional levels