The EUR/GBP pair is trading sideways around the 0.8500 level, exhibiting a lack of clear direction. Technical indicators present conflicting signals, with the RSI suggesting potential selling pressure while the MACD hints at a possible bullish reversal.
A decisive break above the 0.8550 resistance level could signal a resumption of the uptrend, with potential targets at 0.8600 and beyond. Conversely, a drop below the 0.8500 support level could increase the likelihood of a downward move towards 0.8450 and 0.8400.
Traders should closely monitor the pair’s reaction to the 20 and 100-day Simple Moving Averages (SMAs), as a bullish crossover could provide a strong signal for a potential uptrend.
