EUR/GBP Price Analysis: Bearish respite, indicators remain negative
- EUR/GBP rose by 0.14% to 0.8320 in Thursday's trading session.
- Bears took a breather after recent declines but technical indicators remain deeply negative.
- RSI signals recovering buying pressure while MACD suggests flattening selling pressure, overall outlook mixed.
The EUR/GBP pair rose to 0.8320 in Thursday's session. Despite a temporary respite for the bears after recent declines, technical indicators remain deeply negative, with the pair trading below the 20-day Simple Moving Average (SMA) which stands around 0.8340. This suggests that the short-term outlook remains bearish until this level is conquered.
The Relative Strength Index (RSI) which measures the strength of buying and selling pressure, has a reading of 47 and points up, indicating that buying pressure is recovering. The Moving Average Convergence Divergence (MACD), which is a trend-following indicator, is flat and in red, suggesting that selling pressure is flat. With the RSI suggesting that buying pressure is recovering, while the MACD, it suggests that selling pressure is flat and it points out that the pair may consolidate in the next sessions.
Support levels can be found at 0.8300, 0.8250, and 0.8230, while resistance levels can be found at 0.8340, 0.8360, and 0.8400.
EUR/GBP daily chart
Reprinted from FXStreet_id，the copyright all reserved by the original author.
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.