EUR/GBP trades with gains and consolidating Wednesday’s losses, eyes on bearish convergence

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  • The EUR/GBP currently stands at 0.8630, marking a slight gain of 0.20%.
  • The RSI and MACD on the daily chart suggest that bears are taking a breather.
  • The pair remains below key SMAs, reflecting a broader selling bias.

In Thursday's session, the EUR/GBP was recorded at 0.8630, gaining 0.20% with a peak at 0.8640. The pair demonstrated neutrality, leaning towards bearish on the daily chart, with bears taking short respites after Wednesday's downswing of 0.50%. Meanwhile, the four-hour chart outlook remains negative despite the brief recovery.

The technical indicators on the daily chart reveal a particularly unfavorable situation for the bulls. From the larger perspective, the pair is lodged beneath the 20, 100, and 200-day Simple Moving Averages (SMAs), which seem to converge towards the 0.8650 area to perform a bearish crossover. This signals that the sellers maintain a robust grip over the broader scenario, and in case the crossover comes into fruition, more downside may be incoming. Despite revealing a positive incline, the Relative Strength Index (RSI) lingers in the negative territory. This suggests a lack of buying strength despite the recovery, while the Moving Average Convergence Divergence (MACD) is still in negative territory.

Switching to the shorter-term perspective, mirrored in the four-hour chart, the overall seller dominance becomes more pronounced. The indicators persist in their negative stance, with the four-hour RSI showing a descending slope within the negative area, further reinforcing the bearish momentum. The four-hour MACD, too, mirrors this bearish sentiment with a series of declining green bars. Despite the bear's action taking a brief respite, the substantial downward movement of 0.50% on Wednesday illustrates that the bears still hold considerable power. It underscores a short-term technical scenario that is heavily swayed towards more selling.

EUR/GBP Technical Levels

EUR/GBP

Overview
Today last price 0.8633
Today Daily Change 0.0009
Today Daily Change % 0.10
Today daily open 0.8624
 
Trends
Daily SMA20 0.8637
Daily SMA50 0.8666
Daily SMA100 0.8645
Daily SMA200 0.8654
 
Levels
Previous Daily High 0.8676
Previous Daily Low 0.8617
Previous Weekly High 0.8715
Previous Weekly Low 0.8652
Previous Monthly High 0.8715
Previous Monthly Low 0.8549
Daily Fibonacci 38.2% 0.864
Daily Fibonacci 61.8% 0.8654
Daily Pivot Point S1 0.8602
Daily Pivot Point S2 0.858
Daily Pivot Point S3 0.8543
Daily Pivot Point R1 0.8661
Daily Pivot Point R2 0.8698
Daily Pivot Point R3 0.872

 

EUR/GBP Daily chart

 

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