The EUR/GBP cross has been exhibiting a sideways trend in recent trading sessions, consolidating within a narrow range.
The EUR/GBP cross faced rejection at the crucial 100-day SMA last week, signaling a potential shift in trend. The cross might sideways within a range defined by the 100-day SMA and the 20-day SMA providing support. This consolidation phase is likely to continue until a decisive breakout occurs in either direction, providing further guidance on the cross's future trajectory. On Tuesday de cross mildly declined towards the 0.8380 area.
The Relative Strength Index is at 55 indicating that buying pressure is declining as is in the positive area and has a mildly declining slope. The Moving Average Convergence Divergence is green and decreasing, also suggesting that bullish momentum is waning. Overall, the technical indicators suggest that the EUR/GBP cross is in a neutral phase, with both bullish and bearish forces vying for control.
Crosses Currencies Technical Analysis
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EUR/GBP Price Analysis: Near-term bias tilts bearish as cross gives up 20-day SMAIn Monday's session, the EUR/GBP declined and settled lower at around 0.8350, below the 20-day Simple Moving Average (SMA), a development that worsens the technical outlook and reinforce the short-term bearish bias The EUR/GBP pair has been unable to sustain gains above the 0.
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EUR/GBP Price Analysis: Bulls in control as long they sustain 20-day SMAThe EUR/GBP pair remains confined within a recent range and declined by 0.10% on Tuesday to 0.8380.
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EUR/GBP Price Analysis: Mixed outlook as bulls and bears tussle near 0.8380The EUR/GBP pair trades around 0.8380, consolidating sideways and displaying no clear trend.
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EUR/GBP Price Analysis: Outlook promising, must hold the 20-day SMA lineThe EUR/GBP pair seems to be consolidating in a sideways range after last week’s sharp gains, and rose by 0.35% on Monday to 0.8395.
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EUR/GBP Price Analysis: Bulls attempt recovery and clear daily losses from multi-year lowsIn Friday's session the EUR/GBP mildly rose to 0.8330 after falling to multi-year lows around 0.8300.
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