- The pair is trading sideways within a narrow range, reflecting indecisive market sentiment.
- The RSI indicates rising selling pressure, while the MACD points to weakening bullish momentum.
- The pair is positioned below the 20-day SMA, suggesting a bearish bias in the short term.
EUR/GBP continues to trade within a tight range, with limited price movements observed in recent sessions. Currently, the pair is near 0.8340, having encountered resistance at the 20-day SMA, which maintains a neutral bias.
Technical analysis reveals that the Relative Strength Index (RSI) has declined to 45, indicating increasing selling pressure. Meanwhile, the MACD, although still positive, is on a downward trend, suggesting weakening buying momentum. This combination of signals points to a neutral to slightly bearish bias in the short term.
Support levels are identified at 0.8330, 0.8315, and 0.8300, while resistance levels are positioned at 0.8350, 0.8370, and 0.8400. In the near term, the pair is likely to remain within this range unless buyers manage to break above the 20-day SMA, which could shift the technical outlook in a more favorable direction.
EUR/GBP Daily Chart
