Bulls tally another winning day, outlook mixed

• The EUR/GBP registers 0.12%, currently trading at 0.8608 after peaking at 0.8620.
• Daily and four-hour chart indicators reveal mixed signals.
• As long as the pair remains below the 20,100, and 200-day SMAs, the overall outlook will be bearish.

On Wednesday’s session, the EUR/GBP was noted at 0.8608, capturing a gain of 0.12% that saw peaks to 0.8620. The daily chart signals a neutral to bullish environment, with bulls gaining ground, while the four-hour chart presents a mixed outlook on the pair.

In a general perspective, the indicators on the daily chart reflect a slight bearish dominance despite daily gains. The pair’s position below its Simple Moving Averages (SMAs) for 20,100 and 200 days underscores the ongoing supremacy of sellers in the market. That being said, a slightly positive slope in the Relative Strength Index (RSI), even while persisting in the negative territory, signals a hint of increasing bullish momentum but the flat green bars of the Moving Average Convergence Divergence (MACD) suggest that the buying momentum is still weak.

Shifting to the four-hour chart, the technical situation still appears mixed. The negative slope for the four-hour RSI suggests a decline of bullish momentum for the immediate short-term, aligning with the flat green bars of the four-hour MACD, depicting an ongoing equilibrium between buyers and sellers. At this juncture, the selling momentum prevails, but with a persistent struggle from the bulls to regain the ground. This outlines a mixed outlook, with the market exhibiting an undecided short-term path until either of the momentum gains a strong foothold.

EUR/GBP technical levels

EUR/GBP daily chart