EUR/GBP Price Analysis: Consolidation continues, indicators remain flat

EUR/GBP remains range-bound, consolidating recent losses as buying pressure stalls.
Sellers take the foot off the gas after last Thursday’s losses
RSI indicates recovering buying pressure, while MACD shows flat conditions.

Patricio Martín FXStreet

In Monday's session, the EUR/GBP rose slightly to 0.8330, hovering within a narrow range. The pair's recent recovery attempt has stalled, leaving it in a state of consolidation.

The Relative Strength Index (RSI) indicates that buying pressure is recovering, with the indicator rising slightly above 44. However, the slope remains relatively flat, suggesting a lack of momentum. The Moving Average Convergence Divergence (MACD) also shows flat conditions, with the histogram in red but not indicating significant buying or selling pressure.

EUR/GBP daily chart

Given the flat indicators, the overall outlook remains mixed. Should buying pressure fail to materialize, the pair could revisit the support at 0.8300. A break below this level could trigger further declines. On the upside, 0.8350 serves as a potential resistance. Overcoming this level may indicate a shift in market sentiment towards recovery.

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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