The EUR/GBP currency pair is currently experiencing a sideways consolidation, showing no clear trend. The Relative Strength Index (RSI) at 46 indicates rising selling pressure, while the Moving Average Convergence Divergence (MACD) demonstrates declining buying pressure in the short term. The bulls were unable to defend the 20-day Simple Moving Average (SMA), which weakens the overall outlook for the pair.
As it stands, the EUR/GBP trades around 0.8380, showing no clear direction. If the price can break through the resistance level of 0.8400 and firmly hold above the 20-day Simple Moving Average (SMA), bullish pressure could prevail. This might lead to the pair rising to 0.8450 or even 0.8500. However, if the price declines below the support level of 0.8320, it could lead to further declines below 0.8300.
