- The EUR/GBP pair faces a mixed outlook despite trading above 0.8400.
- Bearish signals from RSI and MACD, but momentum is flattening.
- The pair could consolidate within a range between 0.8400 and 0.8450.
In Thursday’s session, the pair EUR/GBP The pair declined slightly to 0.8425 while facing a mixed technical outlook with indicators flat in negative territory. All signs point to the bears taking a pause after losing more than 1% in August.
The RSI remains in negative territory, around 39, with a slight downward slope, signaling a flattened bearish momentum. The MACD prints flat red bars, further reinforcing the flattened bearish traction. Moreover, volumes have been declining over the past few sessions.
The EUR/GBP pair is consolidating above the 0.8400 level after the strong downward moves in August, which acts as an immediate support, with resistance at 0.8430. If the pair breaks above this level, it could target 0.8450 and 0.8470. On the downside, immediate support is seen at 0.8400, followed by 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.
