During Tuesday’s trading session, the EUR/GBP pair saw a modest decline to 0.8525, indicating a continuation of its range-bound movement. While technical indicators are providing conflicting signals, there is an overall suggestion of steady selling pressure in the market.
One key indicator to watch is the potential bullish crossover between the 20 and 100-day Simple Moving Averages (SMA) at the 0.8500 level. This crossover could serve as a buy signal for traders looking to capitalize on a potential uptrend in the pair.
The Relative Strength Index (RSI) currently sits at 54, indicating moderate selling pressure. However, the Moving Average Convergence Divergence (MACD) is showing rising red bars, suggesting an increase in bearish momentum and the possibility of a significant reversal in the near future. Volume patterns have been mixed, with lower volume observed in recent sessions compared to earlier spikes earlier in the month.
EUR/GBP Daily Chart Analysis
The EUR/GBP pair has been consolidating within the range of 0.8500-0.8550. A breach above the 0.8550 level could signal a bullish trend, while a drop below 0.8500 may increase the likelihood of further downward movement. Key support levels to monitor include 0.8450 and 0.8400, while resistance levels to consider include 0.8580 and 0.8600.