Technical Analysis – EURGBP consolidates around 21-month low

EURGBP is edging sideways across a support base shaped between the near 21-month low of 0.8378 and the 0.8384 barrier. The 100- and 200-period simple moving averages (SMAs) are endorsing the negative picture, while the diving 50-period SMA is indicating that the bearish trend has the upper hand.

The Ichimoku lines are indicating that directional forces are somewhat lacking, whereas the short-term oscillators are suggesting bullish momentum is improving. The MACD, in the negative zone, continues to advance above its red trigger line, while the rising RSI is heading for the 50 neutral threshold. The bullish charge in the stochastic oscillator is promoting the current soft positive price action in the pair.

If buyers manage to create some traction off the support base of 0.8378-0.8384, the Ichimoku lines around 0.8405 may delay the test of the 0.8422-0.8435 resistance border, fortified by the 50-period SMA and the Ichimoku cloud. Climbing higher, the bulls could eye the key 0.8460-0.8481 resistance section, formed between the November 4 inside swing low and the 100-period SMA respectively. Logging additional gains, the price may then seek out the 0.8500 handle before targeting the 0.8519 and 0.8537 obstacles.

If selling interest intensifies, initial downside constraints could transpire from the 0.8378-0.8384 immediate floor, shaped by the multiple November lows. Should the price dive beneath this key barrier, the bears could then combat the 0.8338 low, identified in February 2020. Sinking further, the bears could aim for the 0.8276-0.8294 support boundary.

Summarizing, EURGBP’s negative powers seem to be struggling to revive the bearish trajectory. That said, a dive below 0.8378 could resuscitate negative momentum, while the pair would need to break above the 0.8572-0.8594 resistance barrier to boost confidence in the pair.

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