EUR/GBP Price Analysis: Bulls attempt recovery and clear daily losses from multi-year lows

EUR/GBP attempts to recover from the recent pullback to lows since April 2022.
RSI indicates buying pressure is recovering, while MACD shows flat buying pressure.
As long as the cross remains below the 20-day SMA, the short-term outlook will be negative.

Patricio Martín FXStreet

In Friday's session the EUR/GBP mildly rose to 0.8330 after falling to multi-year lows around 0.8300.

The Relative Strength Index (RSI) is currently at 44, suggesting that buying pressure is recovering. The RSI is in the negative area, but the slope is rising, indicating that buying pressure may be gaining strength. The Moving Average Convergence Divergence (MACD) is suggesting that buying pressure is flat. The MACD histogram is green and flat, indicating that buying pressure is not strong, but it may be starting to increase. That being said, the short-term bias remains bearish.

EUR/GBP daily chart

Despite recovering, buying traction is weak, and the pair might retest the 0.8300 support. In case of being rejected once again it might trigger an upwards consolidation with the 20-day Simple Moving Average (SMA) 0.8350 being the nearest resistance.

Author

Patricio Martín

FXStreet

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

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