- EUR/GBP traded in a narrow range and saw little movement.
- Indicators turned flat on the daily chart as the pair continued to side-ways trade.
- Buyers need to retake the 20-day SMA.
The EUR/GBP cross was quiet on Thursday, trading in the 0.8643 - 0.8647 range. Indicators turned flat on the daily chart, favouring a neutral stance with a slight bearish bias.
The Relative Strength Index (RSI) shows a flat slope in the positive territory, while the Moving Average Convergence (MACD) exhibits stagnant red bars. Those indicators are showing a similar trajectory on the four-hour chart and indicates that investors seem to be waiting for a fundamental stimulus. Back to the daily chart, the pair is below the 20 and 200-day Simple Moving Averages (SMAs), but above the 100-day SMA, suggesting that the bears are have the upperhand on the broader scale. Furthermore, the buyers need to gather momentum and make a significant move to regain the 20-day SMA and in case of not doing so, further downside may be on the horizon.
Support levels: 0.8630, 0.8615, 0.8600.
Resistance levels: 0.8655 (20-day SMA), 0.8680, 0.8700.
EUR/GBP Daily Chart
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