- Overall, the EUR/GBP consolidates sideways with no clear trend.
- RSI suggests rising selling pressure, while MACD indicates declining buying pressure in the short term.
- Bulls failed to defend the 20-day SMA which wornsed the outlook
The EUR/GBP pair trades around 0.8380, consolidating sideways and displaying no clear trend. In addition, the cross lost the 20-day Simple Moving Average (SMA) which might a downwards leg.
The technical indicators present that the bulls are backing off. The Relative Strength Index (RSI) is at 46 in negative territory and declining, indicating rising selling pressure. The Moving Average Convergence Divergence (MACD) presents a decreasing green histogram, suggesting declining buying pressure.
Bullish pressure can prevail if the price can break through the resistance level of 0.8400 and firmly hold above the 20-day Simple Moving Average (SMA). If that happens, the EUR/GBP pair could rise to 0.8450 or even 0.8500. On the other hand, a decline below the support level of 0.8320 could lead to further declines below 0.8300.
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