The EUR/GBP pair is trading sideways near 0.8380, with a slight downward bias. While the short-term trend is neutral, the longer-term outlook remains bullish.
Technical Analysis:
- RSI: The Relative Strength Index (RSI) is near 50, indicating a neutral sentiment.
- MACD: The Moving Average Convergence Divergence (MACD) is flat in positive territory, suggesting a lack of strong momentum.
- Support and Resistance: A break above 0.8400 could signal further upside, with potential targets at 0.8450 and 0.8500. A break below 0.8320 could lead to further declines.
Overall Outlook:
The EUR/GBP pair is likely to remain in a sideways range, with potential for both upside and downside moves. Traders should monitor technical indicators for signs of a trend reversal.