EUR/GBP technical analysis: Dead cat bounce?

• EUR/GBP is looking south, having closed below the 50-day MA on Wednesday. 
• Corrective bounce, if any, will likely be short-lived. 

EUR/GBP is currently trading at 0.8587, representing a 0.13% gain on the day.

The bounce from the one-month low of 0.8574 seen earlier today could be associated with the oversold readings on the hourly and 4-hour chart relative strength index and could be extended further.

The gains, however, could be short-lived, as the pair closed well below the 50-day moving average (MA) on Wednesday, bolstering the already bearish technical setup, as represented by the bearish doji reversal (confirmed on April 25), the descending 5- and 10-day MAs and the below-50 print on the 14-day relative strength index.

All-in-all, the pair appears on track to test .85 in the short-term. The bearish setup would be invalidated if the spot closes above the 10-day MA, currently at 0.8631.

Daily chart

Trend: Bearish