EUR/GBP SET TO CLOSE FLAT BELOW THE 0.8650 MARK
- EUR/GBP traded in a narrow range and saw little movement.
- Indicators turned flat on the daily chart as the pair continued to side-ways trade.
- Buyers need to retake the 20-day SMA.
The EUR/GBP cross was quiet on Thursday, trading in the 0.8643 - 0.8647 range. Indicators turned flat on the daily chart, favouring a neutral stance with a slight bearish bias.
The Relative Strength Index (RSI) shows a flat slope in the positive territory, while the Moving Average Convergence (MACD) exhibits stagnant red bars. Those indicators are showing a similar trajectory on the four-hour chart and indicates that investors seem to be waiting for a fundamental stimulus. Back to the daily chart, the pair is below the 20 and 200-day Simple Moving Averages (SMAs), but above the 100-day SMA, suggesting that the bears are have the upperhand on the broader scale. Furthermore, the buyers need to gather momentum and make a significant move to regain the 20-day SMA and in case of not doing so, further downside may be on the horizon
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.