The overall trend for EURGBP shows that price is in a bearish direction. We could clearly see that price is retesting the support zone between 0.83171 and 0.83021 which is in confluence with the 50 EMA and the FIBO retracement levels. The RSI and MACD are below the centreline which indicates a possible price continuation.
From the overview of price we could see that the overall trend is bearish. Price seems to have gotten to the next major resistance zone between 13628 and 13463 and there could be a possible reversal or pullback to the support zone. We could also see that the RSI is already oversold and confirms a possible reversal.
The EU can cut most of its reliance on Russian gas by the end of this year if governments implement a raft of emergency measures to be proposed by the European Commission on Tuesday.
Russian imports accounted for 40 percent of EU gas consumption in 2021, according to the International Energy Agency (IEA).
From the overview of price we could see that price is refusing to form higher highs to continue in its upward direction thereby breaking structures to the downside. A break and retest of the 50 EMA which is also in confluence with the support zone between 4.908 and 4.833 could see price change to the bearish direction. The RSI is moving below the centreline for extra confirmation of a possible downward trend.