EUR/GBP Price Analysis: Pair weakens toward critical 200-day SMA

Source Fxstreet
  • EUR/GBP edges lower to 0.8445 on Thursday, maintaining a cautious tone near key support levels.
  • Momentum wanes as the pair approaches the 200-day SMA at 0.8420.
  • Technical signals suggest limited upside unless buyers reclaim the 0.8465 resistance zone.

The EUR/GBP pair edged lower on Thursday, slipping to 0.8445 as it drifts closer to the 200-day Simple Moving Average (SMA), positioned around 0.8420. 

Technical indicators reflect a waning bullish bias. The Relative Strength Index (RSI) remains at 65, staying in positive territory but showing no signs of further advancement, pointing to a neutral stance. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram continues to display decreasing green bars, highlighting diminishing upward pressure and raising the possibility of further downside.

In the immediate term, the 200-day SMA at 0.8420 serves as a pivotal support level; a sustained breach below this could open the door for a move toward the 0.8400 mark. On the upside, recovery efforts will need to reclaim 0.8465 to challenge the 0.8500 psychological resistance, which would mark a significant improvement in the pair’s outlook.

EUR/GBP daily chart

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Best Stock to Buy Right Now: Amazon vs AppleAmazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) have become among the world's most recognized companies. They've also become very valuable, with the former's market cap exceeding $2
Author  The Motley Fool
10 hours ago
Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) have become among the world's most recognized companies. They've also become very valuable, with the former's market cap exceeding $2
placeholder
EUR/USD stays firm ahead of US CPIEUR/USD moves higher to near 1.0380 in Wednesday’s European session ahead of the United States (US) Consumer Price Index (CPI) data for January, which will be published at 13:30 GMT.
Author  FXStreet
10 hours ago
EUR/USD moves higher to near 1.0380 in Wednesday’s European session ahead of the United States (US) Consumer Price Index (CPI) data for January, which will be published at 13:30 GMT.
placeholder
Dogecoin Ready For A $2.43 Rally? Elliott Wave Says YesA new chart shared by BigMike7335 (@Michael_EWpro) via X suggests that Dogecoin could be on the verge of a strong bullish wave targeting $2.43. His analysis relies on Elliott Wave theory, which
Author  NewsBTC
11 hours ago
A new chart shared by BigMike7335 (@Michael_EWpro) via X suggests that Dogecoin could be on the verge of a strong bullish wave targeting $2.43. His analysis relies on Elliott Wave theory, which
placeholder
NZD/USD Price Forecast: Remains above 0.5650, resistance appears at nine-day EMAThe NZD/USD pair edges lower after registering losses in the previous session, trading around 0.5650 during the European hours on Wednesday.
Author  FXStreet
11 hours ago
The NZD/USD pair edges lower after registering losses in the previous session, trading around 0.5650 during the European hours on Wednesday.
placeholder
US Dollar Index Price Forecast: Treads water above nine-day EMA support near 108.00The US Dollar Index (DXY) recovers its losses from the previous two sessions, trading around 108.10 during Asian hours on Wednesday.
Author  FXStreet
14 hours ago
The US Dollar Index (DXY) recovers its losses from the previous two sessions, trading around 108.10 during Asian hours on Wednesday.
Related Instrument
goTop
quote