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

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.

Patricio Martín FXStreet

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

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

EUR/USD looks to stabilize near 1.1600 as focus shifts to US data

EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.

GBP/USD stays weak near 1.3350 as USD preserves gains

GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.

Gold sticks to intraday gains above $5,150; upside seems limited amid bullish USD

Gold preserves its modest intraday gains through the Asian session on Wednesday and currently trades just above the $5,150 level, up around 1.30% for the day. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.

Bitcoin, Ethereum and Ripple struggle for direction as consolidation persists

Bitcoin, Ethereum and Ripple prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.

Asian stocks fall as South Korea’s KOSPI slumps over 10%

Asian equities drop on Middle East tensions; the MSCI Asia Pacific Index falls up to 4%. South Korea’s KOSPI fell 10.71% near 5,170, with the Korean Won weakened past 1,500 per dollar.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.