Business

EUR/GBP Price Analysis: Bulls in control as long they sustain 20-day SMA

  • EUR/GBP declined 0.10% on Tuesday and remains in a range, but bullish bias intact.
  • RSI, flat MACD support a balanced outlook.
  • EUR/GBP should hold above 0.8380 to confirm bullish bias.

The EUR/GBP pair remains confined within a recent range and declined by 0.10% on Tuesday to 0.8380. However, the larger time frame bias remains bullish, as suggested by the technical indicators and the pair continues to side-ways trade after last week’s rally.

The Relative Strength Index (RSI) is near 50 and declining. This suggests that selling pressure is rising. The Moving Average Convergence Divergence (MACD) is flat in positive territory, suggesting that buying pressure is flat.

A bullish continuation could be expected if the price breaks through the resistance at 0.8400 which would secure the 20-day Simple Moving Average (SMA) , potentially paving the way for gains towards 0.8450 and 0.8500. Conversely, if the price drops beneath the 0.8320 support level, it may trigger further declines. Overall it all points out that the bullish momentum gained last week seems to be taking a breather but still, the bulls have same work to do.

EUR/GBP daily chart

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 in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Related Articles

Back to top button