The EUR/GBP daily chart reveals a consolidating bullish momentum.
In the hourly chart, the EUR/GBP portrays weaker buying traction, with RSI declining deep into negative terrain.
The pair remaining above the 20-day SMA reveals a short-term bullish bias.
The cross encountered strong resistance at 0.8580 at the 100-day SMA.
The EUR/GBP pair is currently trading at 0.8566, seeing mild losses. Despite the recent positive momentum, there is a notable resistance at the 0.8580 level, potentially capping further rise. Moreover, the pair remains under key long-term Simple Moving Averages (SMAs), suggesting that any potential gains could face strong resistance due to the overarching bearish sentiments.
On the daily chart, the Relative Strength Index (RSI) shows that the EUR/GBP pair is manifesting positive momentum in bullish territory. The most recent RSI reading for today's session reveals a minor decline to 53, suggesting that despite a slight consolidating buyers possess a slight edge over sellers. The Moving Average Convergence Divergence (MACD) histogram exhibits flat green bars, indicating a consistent positive momentum behind the pair's recent movements
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