- EURGBP fails to extend bullish actions
- MACD and RSI indicate upside movements
EURGBP has been fighting with the short-term descending trend line over the last four sessions and it also had a spike towards the 50-day simple moving average (SMA) near 0.8460.
The technical oscillators are showing some positive signs. The RSI is heading north marginally beneath the 50 level, while the MACD is extending its recovery above its trigger line, below the zero level.
A successful break above the 0.8460 barrier could open the door for more bullish actions until the pair reaches the 0.8498 resistance. Even higher, the 0.8540 obstacle and the 200-day SMA at 0.8560 could act as tough lines for the bulls.
On the other hand, a pullback to the downside could meet the two-year low of 0.8382 before diving to 0.8340, registered back in July 2022.
All in all, EURGBP is still in a downward trend in the near term, and only a rally above the 200-day SMA may change this view.
Source by: XM Global