EUR/GBP PRICE ANALYSIS: SELLING PRESSURE RESUMES AND BUYERS GIVE UP THE 20-DAY SMA
- 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.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.