- The EUR/GBP rate fell 0.10% on Tuesday and remains range-bound, but the bullish sentiment remains unchanged.
- RSI and flat MACD support a balanced outlook.
- EUR/GBP should stay above 0.8380 to confirm the bullish bias.
The EUR/GBP pair remains subdued in the recent range and fell 0.10% to 0.8380 on Tuesday. However, the bias on the longer time frame remains bullish, as suggested by technical indicators, and the pair is still trending sideways after last week’s rally.
The relative strength index (RSI) is near 50 and falling. This suggests that selling pressure is increasing. The moving average convergence divergence (MACD) remains positive, suggesting that buying pressure is flat.
A bullish continuation can be expected if price breaks through the resistance at 0.8400, which will secure the 20-day elementary moving average (SMA), potentially paving the way for gains towards 0.8450 and 0.8500. Conversely, if the price falls below the 0.8320 support level, it could trigger further declines. Overall, all indications are that the momentum gained last week seems to be calming down, but the bulls nonetheless have the same work ahead of them.
