- EURGBP is fluctuating around the 0.8550 level, maintaining a slight upward trajectory after Thursday’s trading in Europe.
- Underlying bullish sentiment is supported by favorable indications from significant moving averages, despite some conflicting signals from other indicators.
- The floor of support is observed around 0.8525–0.8527, while the ceiling of resistance is defined by the 0.8550–0.8560 area.
The EURGBP pair traded consistently around the 0.8550 area on Thursday, retaining minor gains achieved during the European trading hours. The larger picture is still influenced by news surrounding the Federal Reserve, as market participants digest cautious comments from Governor Waller concerning tariffs and their potential effects on the economy. Simultaneously, the US Dollar’s depreciation, triggered by inconsistent tariff announcements from Trump and Bessent, provided a slight boost to the euro, although with some uncertainty.
Technically, EURGBP is showing an overall positive outlook, even with intraday stabilization. The pair is trading within the 0.8534 to 0.8565 range, with the Relative Strength Index (RSI) hovering around 54, suggesting neutral momentum. The MACD continues to indicate a minor sell signal, but this is balanced by slight buying interest as indicated by the Bull Bear Power. The Average Directional Index (ADX) remains below the level that would indicate a trend, confirming an absence of strong directional movement.
Crucially, the moving averages are providing support for the bullish argument. The 20-day, 100-day, and 200-day simple moving averages, positioned at 0.8525, 0.8374, and 0.8388 respectively, are all trending upwards. Likewise, the 30-day exponential and simple moving averages — at 0.8495 and 0.8475 — further solidify the upward-leaning structure.
