- EUR/GBP drops to 0.8445 on Thursday, maintaining a cautious tone near key support levels.
- Momentum declines as the pair approaches the 200-day SMA at 0.8420.
- Technical signals suggest limited upside unless buyers reclaim the 0.8465 resistance zone.
The EUR/GBP pair fell on Thursday, falling to 0.8445 as it approaches the 200-day SMA, located around 0.8420.
Technical indicators reflect a waning bullish bias. The relative strength index (RSI) remains at 65, remaining in positive territory but showing no signs of further advance, pointing to a neutral stance. Meanwhile, the moving average convergence/divergence (MACD) histogram continues to show decreasing green bars, highlighting the waning bullish pressure and raising the possibility of a further decline.
In the short term, the 200-day SMA at 0.8420 serves as a crucial support level; A sustained break below this could open the door for a move towards the 0.8400 mark. To the upside, recovery efforts will need to reclaim 0.8465 to challenge the psychological resistance of 0.8500, which would mark a significant improvement in the pair’s outlook.
EUR/GBP daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
