EUR/GBP Price Analysis: Selling Pressure Resumes And Buyers Give Up The 20-Day SMA

Bank Note, Euro, Bills, Paper Money

Image Source: Pixabay

  • The negative outlook remains, RSI and MACD suggest bearish momentum.
  • The multiple rejections by the 20-day SMA suggest that the buyer’s traction is too weak.
  • A break from above mentioned average would improve the outlook.

In Friday's session, the EUR/GBP pair fell slightly by 0.15% to 0.8435, showcasing a negative technical outlook. Bears continue to drive the pair lower, reinforcing the overall bearish trend while buyers continue to struggle to conquer the 20-day Simple Moving Average..

The Relative Strength Index (RSI) is currently at 44, within negative territory, with a mildly declining slope, signifying weakening buying momentum. The Moving Average Convergence Divergence (MACD) histogram is displaying decreasing red bars, indicating a decline in selling pressure. This mixed outlook suggests that the selling forces are steady while buying force is losing momentum.

The EUR/GBP pair has been consolidating within a narrow range for the past few trading sessions, fluctuating between 0.8425 and 0.8450. This consolidation is indicative of a lack of clear directional bias in the near term. If the pair manages to break below the immediate support level of 0.8425, it could potentially target 0.8410 and 0.8400. Conversely, a break above 0.8450 (20-day SMA)could open up further upside potential above 0.8470.


EUR/GBP Daily chart
 

 


More By This Author:

USD/JPY Recovers A Few Pips After Refreshing YTD Low, Remains Heavily Offered Below 141.00
EUR/GBP Price Analysis: Bears Ease Their Grip, Buyers Still Remain Weak
EUR/GBP Price Forecast: Shallow Rising Channel Extends

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments