• EUR/GBP takes offers to refresh weekly low, drops towards 10-week-old support line.
• Receding bullish bias of MACD, descending RSI line signal further declines.

EUR/GBP stands on slippery grounds while refreshing the weekly low to 0.8315, down for the fourth consecutive day ahead of Friday’s European session.

In doing so, cross-currency pair extends early-week pullback below 50-DMA amid descending RSI line, not oversold. Also favoring EUR/GBP sellers is the recently easing bullish bias of the MACD.

That said, the quote currently drops towards a descending trend line from mid-November, around 0.8300, with the latest multi-month low of 0.8305 acting as immediate support.

Should the EUR/GBP bears keep reins past 0.8300, the 61.8% Fibonacci Expansion (FE) of the pair’s December 20, 2021, to January 14, 2022 moves, near 0.8265, will be in focus.

Alternatively, recovery moves remain elusive until crossing the 50-DMA level of 0.8426.

However, the bounce from the stated support line may aim to regain the 0.8400 if managed to cross the November lows near 0.8385.

EUR/GBP: Daily chart

Trend: Further weakness expected