EUR/GBP price forecast: bulls prove the key resistance while Momentum indicators cool

• The EUR/GBP quotes down against the sterling pound on Tuesday, breaking a constant winning streak that began in early June.
• The crossing is going down, quoting around 0.8533 during the American negotiation hours, with a drop of approximately 0.40% in the day.
• The RSI has decreased from the overcompra territory and is going down to 59.83, while the MACD remains slightly positive but shows signs of flattening of the impulse.

The euro (EUR) is falling in front of the pound today, braking a solid streak that saw buyers firmly in control for almost two weeks. The EUR/GBP crossing is going down, quoting around 0.8527 during the American negotiation hours, with a drop of approximately 0.40% in the day.

When observing the daily chart, the broader trend structure remains constructive despite today’s brief setback. The EUR/GBP continues to draw an upward ascending channel that has guided the price action since the end of January. Within this structure, buyers have consistently intervened near the lower limit and the EMA of 21 days, which is now 0.8496, cushioning the falls.

However, the torque is finding resistance near the psychological level of 0.8550, which is aligned with the fibonacci decline of 50% of the maximum of April to the minimum of May. This area, which overlaps with the middle line of the channel, is causing benefits and testing the strength of the recent bullish impulse.

Impulse signals suggest short -term caution. The Relative Force Index (RSI) has been withdrawn from overcompra levels and is currently 59.83, which implies that the recent bullish thrust may be cooling. Meanwhile, the MACD histogram remains in positive territory but suggests flattening of the impulse, noting that the rally could stagnate without new catalysts.

A daily closure sustained above 0.8600 would validate the upward case and open the road to 0.8740 – the maximum of April and the roof of the channel. On the contrary, if the setback is deepened, the 21 -day EMA about 0.8496 provides immediate support, followed by a greater buying interest around 38.2% of Fibonacci at 0.8504 and the lower limit of the channel about 0.8400.