- Technical indicators suggest that buying pressure is increasing, supporting the bullish outlook.
- The pair needs to break above 0.8400 to confirm a bullish continuation.
- A consolidation above the 20-day SMA would also favor a promising outlook.
The EUR/GBP pair appears to be consolidating in a sideways range after strong gains last week, and rose 0.35% on Monday to 0.8395.
The daily Relative Strength Index (RSI) is currently rising near its midpoint, suggesting that buying pressure is increasing. The MACD Indicator is also in green and rising, further suggesting that the tide is in favor of the bulls.
A break above the 0.8400 resistance level could trigger bullish continuation and open the door for further gains towards 0.8450 and 0.8500. A drop below the 0.8320 support level could lead to further declines. Above the 0.8380 line, where the 20-day SMA converges, serves as strong support that the bulls must hold to continue rising.
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.
