EUR/GBP Price Analysis: Aiming higher with bulls recovering but with more work to do

The EUR/GBP currency pair continues to trade sideways between the 20 and 100-day SMA .
RSI indicates recovering buying pressure and the MACD is green.
Sellers breathe, after last Friday’s sharp losses.

Patricio Martín FXStreet

In Monday's session, the EUR/GBP pair rose by 0.20% to 0.8395. While the pair remains in a sideways trend, the bullish pressure has shown signs of softening in the last sessions. For the short term, there are signs of a side-ways trade period after last Friday;s 0.60% losses.

The Relative Strength Index (RSI) is currently at 55, indicating that buying pressure is gradually increasing. However, the RSI has recently declined sharply, suggesting that buying pressure is easing. The Moving Average Convergence Divergence (MACD) histogram is flat and green, indicating that buying pressure is steady.

The overall technical outlook for the EUR/GBP is neutral to slightly bullish. The pair is likely to continue trading within the 0.8350-0.8450 (20 and 100-day Simple Moving Averages) range in the near term. However, the recent softening of the bullish trend suggests that the pair may be due for a correction lower which could be triggered if the bulls fail to defend the 20-day SMA.

EUR/GBP daily chart

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

GBP/USD clings to daily gains near 1.3350

GBP/USD holds just in positive territory around 1.3350 on Friday as the Greenback keeps a vacillating price action. With Fed rate hike expectations easing and US markets closed for the Independence Day holiday, Cable remains on track to post solid weekly gains.

EUR/USD remains sidelined around 1.1440

EUR/USD holds on to its recent gains and consolidates around 1.1440 at the end of the week as the US Dollar lacks clear direction. In the meantime, trading conditions remain subdued, with volatility constrained by the closure of US markets for the Independence Day holiday.

Gold flirts with two-week highs, targets $4,200

Gold extends its recovery for a third straight day, advancing toward the $4,200 mark per troy ounce on Friday. The precious metal looks set to snap a four-week losing streak as softer-than-expected June US NFP data prompt investors to scale back expectations of further Fed tightening.

Crypto Today: Bitcoin, Ethereum, XRP advance amid renewed capital inflows

Bitcoin maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum and Ripple are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

The Iran war failed to trigger a recession. Can the US economy keep defying expectations?

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient. While the conflict initially triggered a severe disruption to global energy markets and a sharp rise in Oil prices, recent diplomatic progress between Washington and Tehran has eased concerns about a prolonged supply shock.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.