- EUR/GBP edge on Monday to 0.8330, but remains below the key resistance.
- Non-compliance with last week’s stay above 100-day SMA still weighs sentiment.
The EUR/GBP pair noted a subtle boost on Monday, rising to 0.8330, but remains under pressure because it tries to recover a 100-day straight movable average (SMA). The inability to maintain above this level last week further weakened sentiments, maintaining wider perspectives tilted to the minus.
Technical readings suggest that the rush remains faint despite the recent reflection. The relative force indicator (RSI) increased to 44, signaling some interest in purchases, but still fitting on a negative territory. Meanwhile, the histogram of the movable medium convergence (MacD) remains flat with green bars, which indicates a lack of robust directional attitude.
While EUR/GBP fails to recover 100-day SMA, currently acting as resistance, there is a further inheritance risk. Immediate support lies at 0.8300, with a smaller exposure revealing 0.8275. On the other hand, the decisive traffic above 0.8350 can provide bulls with a chance to recover the control and aiming 0.8380.
