EUR/GBP Price Analysis: Consolidation on as the pair awaits directional cues

Source Fxstreet
  • 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.

The EUR/GBP cross has been exhibiting a sideways trend in recent trading sessions, consolidating within a narrow range. 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 (RSI) 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 (MACD) 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. A breakout from the current range between the 20 and 100-day Simple Moving Average (SMA) will provide further clarity on the cross's future direction. With some signs of bearish forces emerging, the 20-day SMA at 0.8350 might be set to recieve a visit in the near term.

EUR/GBP daily chart

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
When Will Gold Rise Under the Pressure of High Oil Prices? On April 8, spot gold ( XAUUSD) at one point surged past $4,800 per ounce, hitting a peak of $4,857; however, it fell back to $4,698 on April 9, wiping out all gains in just 48 hours. Thi
Author  TradingKey
9 hours ago
On April 8, spot gold ( XAUUSD) at one point surged past $4,800 per ounce, hitting a peak of $4,857; however, it fell back to $4,698 on April 9, wiping out all gains in just 48 hours. Thi
placeholder
WTI holds steady above $92.00 as Strait of Hormuz remains closed; bulls seem hesitant West Texas Intermediate (WTI) – the benchmark US Crude Oil price – trades with a mild positive bias during the Asian session on Friday, though it lacks bullish conviction amid hopes of Iran ceasefire stabilizing.
Author  FXStreet
18 hours ago
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – trades with a mild positive bias during the Asian session on Friday, though it lacks bullish conviction amid hopes of Iran ceasefire stabilizing.
placeholder
Geopolitical Premium Strikes Back. Hormuz Strait Reopening Faces Changes, Bitcoin Barely Holds 70,000 Psychological LevelMiddle East tensions escalate ahead of negotiations, causing Bitcoin to pull back after a surge, with $70,000 becoming the watershed between bulls and bears.On April 9, unexpected develop
Author  TradingKey
Yesterday 09: 06
Middle East tensions escalate ahead of negotiations, causing Bitcoin to pull back after a surge, with $70,000 becoming the watershed between bulls and bears.On April 9, unexpected develop
placeholder
Strait of Hormuz Closes Again, When Will Global Energy Supply See Light Again?The outlook for navigation through the Strait of Hormuz remains clouded by uncertainty, as the newly reached ceasefire agreement has failed to bring stability to this global energy choke
Author  TradingKey
Yesterday 09: 05
The outlook for navigation through the Strait of Hormuz remains clouded by uncertainty, as the newly reached ceasefire agreement has failed to bring stability to this global energy choke
placeholder
Gold edges lower below $4,750 amid fragile Middle East ceasefire Gold price (XAU/USD) trades in negative territory around $4,705 during the early Asian session on Thursday. The precious metal edges lower amid a temporary two-week ceasefire between the US and Iran.   
Author  FXStreet
Yesterday 09: 04
Gold price (XAU/USD) trades in negative territory around $4,705 during the early Asian session on Thursday. The precious metal edges lower amid a temporary two-week ceasefire between the US and Iran.   
Related Instrument
goTop
quote