- EUR/GBP remains sideways, technical indicators are mixed.
- Buyers were rejected by the 20-day SMA.
- Indicators suggest a neutral to slightly bullish bias.
The EUR/GBP pair has been trading in a tight range in recent days, with minimal price fluctuations. The pair is currently trading at 0.8335, slightly below its opening price of the day after being rejected by the 20-day SMA.
Technical indicators are sending mixed signals. The Relative Strength Index (RSI) is around 44, indicating that selling pressure is increasing as it points downwards. However, the MACD Indicator is in the green and rising, suggesting that buying pressure is also increasing. The overall short-term outlook is mixed, with the RSI indicating a bearish trend and the MACD indicating a bullish recovery.
In terms of support and resistance levels, support can be identified at 0.8330, 0.8315 and 0.8300, while resistance levels sit at 0.8350, 0.8370 and 0.8400. The pair is likely to continue trading within this range in the near term if buyers fail to conquer the 20-day SMA at 0.8350.
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.
