EUR/GBP shows slight losses,rejected by SMA convergence

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  • The EUR/GBP stays steady around 0.8610, incurring minor after two days of gains.
  • Key indicators on the daily chart depict a sluggish buying momentum.
  • The pair struggles against the prevailing bearish strength it trades below its main SMA.

In Thursday's session, the EUR/GBP traded at a slight loss, remaining pinned at 0.8610. On the daily chart, the broader outlook appears neutral to bearish, with buyers pausing for breath. Despite three prior days of gains, the bulls seem to struggle to gain traction, while four-hour indicators show a flat yet positive trend.

The indicators on the daily chart reflect a steady bearish momentum on the daily chart. The pair continues to be suppressed under the 20, 100, and 200-day Simple Moving Averages (SMAs), emphasizing the dominant position of the sellers. The Relative Strength Index (RSI) is also in negative territory, signaling a continued downward momentum. A similar sentiment is mirrored by the Moving Average Convergence Divergence (MACD) as it exhibits red bars, indicating that the bears still have a grip on the market. Furthermore, traders should eye a potential bearish crossover around the 0.8630 area between the 20 and 100-day SMAs, which could ignite more downside movements.

In contrast, the situation on the four-hour chart is more balanced. The indicators are in a holding pattern, with the RSI and MACD flat in positive territory, suggesting an indecisive state. However, the flat, positive territory position of the RSI hints at some short-term bullish momentum, but it's not strong enough to overturn the broader bearish bias.


Support Levels: 0.8600, 0.8580, 0.8530.
Resistance Levels: 0.8635 (20 and 100-day SMA convergence), 0.8650, 0.8670.

EUR/GBP daily chart

EUR/GBP

Overview
Today last price 0.861
Today Daily Change -0.0007
Today Daily Change % -0.08
Today daily open 0.8617
 
Trends
Daily SMA20 0.8643
Daily SMA50 0.8671
Daily SMA100 0.8637
Daily SMA200 0.8665
 
Levels
Previous Daily High 0.863
Previous Daily Low 0.8587
Previous Weekly High 0.8588
Previous Weekly Low 0.8554
Previous Monthly High 0.8766
Previous Monthly Low 0.8614
Daily Fibonacci 38.2% 0.8613
Daily Fibonacci 61.8% 0.8603
Daily Pivot Point S1 0.8593
Daily Pivot Point S2 0.8568
Daily Pivot Point S3 0.855
Daily Pivot Point R1 0.8635
Daily Pivot Point R2 0.8654
Daily Pivot Point R3 0.8678

 

EUR/GBP

Overview
Today last price 0.861
Today Daily Change -0.0007
Today Daily Change % -0.08
Today daily open 0.8617
 
Trends
Daily SMA20 0.8643
Daily SMA50 0.8671
Daily SMA100 0.8637
Daily SMA200 0.8665
 
Levels
Previous Daily High 0.863
Previous Daily Low 0.8587
Previous Weekly High 0.8588
Previous Weekly Low 0.8554
Previous Monthly High 0.8766
Previous Monthly Low 0.8614
Daily Fibonacci 38.2% 0.8613
Daily Fibonacci 61.8% 0.8603
Daily Pivot Point S1 0.8593
Daily Pivot Point S2 0.8568
Daily Pivot Point S3 0.855
Daily Pivot Point R1 0.8635
Daily Pivot Point R2 0.8654
Daily Pivot Point R3 0.8678

 

 

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