- EUR/GBP slips to 0.8445 on Thursday, holding a cautious stance near crucial support levels.
- Momentum fades as the pair nears the 200-day SMA at 0.8420.
- Technical indicators point to limited upside potential unless the 0.8465 resistance zone is reclaimed by buyers.
The EUR/GBP pair declined on Thursday, slipping to 0.8445 as it edges closer to the critical 200-day Simple Moving Average (SMA), situated near 0.8420.
Technical indicators suggest a fading bullish momentum. The Relative Strength Index (RSI) remains at 65, indicating positive territory but showing no signs of further upward movement, reflecting a neutral bias. Similarly, the Moving Average Convergence Divergence (MACD) histogram displays shrinking green bars, signaling waning bullish pressure and increasing the likelihood of further downside.
In the near term, the 200-day SMA at 0.8420 serves as a crucial support level. A decisive break below this level could pave the way for a drop toward 0.8400. Conversely, on the upside, a recovery would require the pair to reclaim 0.8465, with the next target at the 0.8500 psychological resistance, a level that would significantly improve the pair’s technical outlook.
EUR/GBP daily chart
