Fxstreet
Oct 18, 2024 4:03 PM
In Friday's session the EUR/GBP mildly rose to 0.8330 after falling to multi-year lows around 0.8300.
The Relative Strength Index (RSI) is currently at 44, suggesting that buying pressure is recovering. The RSI is in the negative area, but the slope is rising, indicating that buying pressure may be gaining strength. The Moving Average Convergence Divergence (MACD) is suggesting that buying pressure is flat. The MACD histogram is green and flat, indicating that buying pressure is not strong, but it may be starting to increase. That being said, the short-term bias remains bearish.
Despite recovering, buying traction is weak, and the pair might retest the 0.8300 support. In case of being rejected once again it might trigger an upwards consolidation with the 20-day Simple Moving Average (SMA) 0.8350 being the nearest resistance.