EUR/GBP Price Analysis: Bulls in control as long they sustain 20-day SMA

EUR/GBP declined 0.10% on Tuesday and remains in a range, but bullish bias intact.
RSI, flat MACD support a balanced outlook.
EUR/GBP should hold above 0.8380 to confirm bullish bias.

Patricio Martín FXStreet

The EUR/GBP pair remains confined within a recent range and declined by 0.10% on Tuesday to 0.8380. However, the larger time frame bias remains bullish, as suggested by the technical indicators and the pair continues to side-ways trade after last week’s rally.

The Relative Strength Index (RSI) is near 50 and declining. This suggests that selling pressure is rising. The Moving Average Convergence Divergence (MACD) is flat in positive territory, suggesting that buying pressure is flat.

A bullish continuation could be expected if the price breaks through the resistance at 0.8400 which would secure the 20-day Simple Moving Average (SMA) , potentially paving the way for gains towards 0.8450 and 0.8500. Conversely, if the price drops beneath the 0.8320 support level, it may trigger further declines. Overall it all points out that the bullish momentum gained last week seems to be taking a breather but still, the bulls have same work to do.

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.

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