(Bloomberg) -- The pound’s decline against the euro may accelerate, according to at least three technical indicators.

Parabolic Systems, which traders use to track the strength of a trend, switched to a sell sign for the British currency today. The Williams %R showed the pound moved back from a so- called overbought position for the first time since March 31. The moving average convergence/divergence, or MACD, indicator suggested the pound’s rising trend is weakening.

“Sterling in general looks very, very wobbly,” said Paul Day, chief market analyst at MIG Investments SA in Singapore. “The market is taking a bit of risk off the table.”

The pound fell 0.2 percent to 89.07 pence per euro as of 12:08 p.m. in London, after weakening 0.8 percent yesterday. Day recommended buying the euro at 88.70 pence, predicting the 16-nation currency may strengthen to 93 pence.

The Parabolic Systems tool was the most profitable among eight in the past six months, returning more than 20 percent, according to data compiled by Bloomberg. Williams %R gained 5 percent, while the MACD indicator returned almost 16 percent.

To contact the reporter on this story: Daniel Tilles in London at dtilles@bloomberg.net