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22 Dec 2023

EUR/GBP technical analysis: Bulls regain the 200-day SMA, four-hour chart signals overbought conditions

  • The EUR/GBP rose towards 0.8675 with gains of 0.25%.
  • The pair now sustains above the 20,100,200-day SMAs, affirming the positive bias on the wider frames.
  • The four-hour chart indicators near overbought conditions suggest a correction may be on the horizon.

In Thursday's session, the EUR/GBP rose to 0.8675, registering gains of 0.25%. On the daily chart, the bullish sentiment prevailed as the bulls continued to gain ground. Nevertheless, on the four-hour chart, indicators suggest a nearing overbought market, hinting at a potential reversal.

The buying momentum is reflected in the positive territory and incline of the Relative Strength Index (RSI). Furthermore, the Moving Average Convergence Divergence (MACD) also depicts an identical scenario with the rising green bars, a strong indication of bullish pressure. Moreover, the pair's position relative to the 20,100,200-day Simple Moving Averages (SMAs) reaffirms this stance. The pair lying above these SMAs suggest that the bulls have taken the reins, driving the overall trend.

On examining the four-hour chart, it's evident that the momentum remains on the buyer's side as well. However, the notion of the indicators nearing overbought territories hints that a brief respite for the bulls may be on the horizon to consolidate bays. Nevertheless, as the RSI remains in the upward trajectory and the green bars of MACD are on a climb, the short-term technical outlook remains bullish, albeit with a likely slight impending pullback.


Support Levels: 0.8660 (200-day SMA), 0.8640 (100-day SMA), 0.8600.
Resistance Levels: 0.8700, 0.8730, 0.8750.

EUR/GBP daily chart

 

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