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Since the start of the European session today, the EUR/GBP pair has been attempting to recover, finding support near the round level of 0.8300.
However, fundamental factors continue to support a bearish sentiment among traders, opening the door to further losses. The euro is showing weak performance amid concerns that the U.S. President Donald Trump might impose tariffs on goods from the European Union. This situation is further aggravated by the dovish stance of the European Central Bank (ECB), overshadowing the growth of the Eurozone Harmonized Index of Consumer Prices (HICP), which reached 2.5% year-on-year in January.
Last week, the ECB lowered borrowing costs by 25 basis points, as expected, and left the door open for further rate cuts by the end of the year. This exerts additional pressure on the euro and reinforces the short-term negative outlook for the EUR/GBP cross.
However, traders may hold back from opening aggressive positions, awaiting the Bank of England meeting scheduled for Thursday.
These factors suggest a continuation of the nearly two-week downward trend, implying that any recovery attempts could be viewed as selling opportunities and are likely to remain limited.
Nonetheless, traders might prefer to stay on the sidelines in the absence of significant macroeconomic data today and instead focus on upcoming central bank events.
From a technical standpoint, the Relative Strength Index (RSI) remains in negative territory and is close to the oversold zone. As a result, a corrective rebound is possible in the short term, but any attempt at recovery should be viewed as an opportunity to sell.
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