Created
: 2024.09.19
2024.09.19 01:06
Tuesday's 0.28% rise to 0.8450 in the EUR/GBP has retraced due to the 0.49% decline on Wednesday. The latest price action and technical indicators paint a mixed technical outlook.
The EUR/GBP's price movements have fluctuated within a narrow range in the last sessions. Yet, Wednesday's signal ongoing selling pressure. The Relative Strength Index (RSI), which currently stands at 43, suggests that selling pressure is rising. The RSI's negative terrain and descending slope further reinforce this view. Furthermore, the Moving Average Convergence Divergence (MACD) histogram, while still green, is showing a decrease, suggesting that the recently gained buying pressure is easing.
Based on the mixed technical outlook, the EUR/GBP's future direction is uncertain. A break above the immediate resistance level of 0.8460 could potentially target 0.8480 and 0.8500. Conversely, a break below 0.8420 could open up further downside potential toward 0.8400 and 0.8380.
Created
: 2024.09.19
Last updated
: 2024.09.19
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy