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21 Oct 2024
EUR/GBP Price Analysis: Consolidation continues, indicators remain flat
- EUR/GBP remains range-bound, consolidating recent losses as buying pressure stalls.
- Sellers take the foot off the gas after last Thursday’s losses
- RSI indicates recovering buying pressure, while MACD shows flat conditions.
In Monday's session, the EUR/GBP rose slightly to 0.8330, hovering within a narrow range. The pair's recent recovery attempt has stalled, leaving it in a state of consolidation.
The Relative Strength Index (RSI) indicates that buying pressure is recovering, with the indicator rising slightly above 44. However, the slope remains relatively flat, suggesting a lack of momentum. The Moving Average Convergence Divergence (MACD) also shows flat conditions, with the histogram in red but not indicating significant buying or selling pressure.
EUR/GBP daily chart
Given the flat indicators, the overall outlook remains mixed. Should buying pressure fail to materialize, the pair could revisit the support at 0.8300. A break below this level could trigger further declines. On the upside, 0.8350 serves as a potential resistance. Overcoming this level may indicate a shift in market sentiment towards recovery.