EUR/GBP Price Analysis: Buyers attempting to recover the 20-day SMA

EUR/GBP rose on Wednesday, attempting to recover the 20-day SMA.
RSI is rising sharply, while the MACD is flat and green, suggesting buying pressure is recovering.

Patricio Martín FXStreet

On Wednesday's session, the pair landed at 0.8360 with a gain of 0.37%. The cross surged and attempts to recover the 20-day Simple Moving Average (SMA), but momentum is still flat.

The Relative Strength Index (RSI) is currently at 48, which is in the negative area, but its slope is rising sharply, suggesting that buying pressure is recovering. The Moving Average Convergence Divergence (MACD) is flat and green, which suggests that buying pressure is also flat.

In terms of price action, the pair has been trading within a range of 0.8352 and 0.8390. There are support levels at 0.8350, 0.8330, and 0.8315, and resistance levels at 0.8370, 0.8390, and 0.8400. In case the bulls fail to gain the 0.8360-0.8400 area, it might trigger a sharp selling pressure but a consolidation above could fuel a recovery. In the meantime, buying momentum remains subdued.

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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