Technical Analysis – EURGBP recoups losses but with weak momentum
Posted on September 4, 2024 at 12:24 pm GMTEURGBP rebounds off 0.8400 Price remains beneath SMAs RSI and MACD point up EURGBP is recovering somewhat after the plunge from the 200-day simple moving average (SMA) at 0.8545, losing 1.7%. The RSI is also trying to gain some ground beneath the 50 level, while the MACD oscillator’s negative momentum is weakening beneath its trigger and zero lines. If price action remains above 0.8400 (immediate support), there is scope to test the 50-day SMA at 0.8465 ahead of the downward [..]