EUR/GBP Price Analysis: Bearish sentiment prevails, daily and hourly trends lean negative
29.03.2024, 12:32

EUR/GBP Price Analysis: Bearish sentiment prevails, daily and hourly trends lean negative

  • The daily chart reveals a mostly bearish environment with somewhat flat indicators.
  • The hourly chart analysis depicts a potential bearish shift with the RSI reading close to the neutral-negative zone.

The EUR/GBP pair is currently trading at 0.8550, with minor losses on Friday’s session. The sellers are exerting their presence as bullish momentum remains weak and the fact that the cross remains below its main Simple Moving Averages (SMAs) of 20,100 and 200-days contributes to the bearish bias.

On the daily chart, the Relative Strength Index (RSI) currently resides in negative territory but stands flat while the Moving Average Convergence Divergence (MACD) prints neutral green bars, suggesting stagnant momentum. This demonstrates the trend might continue in the near term.

EUR/GBP daily chart

Moving to the hourly chart, the RSI shows a mixed trend with readings ranging from 33 and then recovering to 50 standing on the edge of the neutral-negative territory. Coupled with flat green bars on the MACD histogram, there might be a shift towards a bearish momentum after the bulls' short recovery during the European session.

EUR/GBP hourly chart

In conclusion, both the daily and hourly analyses point to a primarily negative trend for EUR/GBP, albeit with potential hourly fluctuations. If the buyers want to avoid losses they should reclaim the 200-day SMA around 0.8550 and build support around it.

EUR/GBP

Overview
Today last price 0.8548
Today Daily Change 0.0002
Today Daily Change % 0.02
Today daily open 0.8546
 
Trends
Daily SMA20 0.8551
Daily SMA50 0.8548
Daily SMA100 0.8595
Daily SMA200 0.8608
 
Levels
Previous Daily High 0.8571
Previous Daily Low 0.8544
Previous Weekly High 0.8602
Previous Weekly Low 0.853
Previous Monthly High 0.8578
Previous Monthly Low 0.8498
Daily Fibonacci 38.2% 0.8554
Daily Fibonacci 61.8% 0.8561
Daily Pivot Point S1 0.8537
Daily Pivot Point S2 0.8527
Daily Pivot Point S3 0.851
Daily Pivot Point R1 0.8564
Daily Pivot Point R2 0.858
Daily Pivot Point R3 0.859

 

 

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