Bulls in control as long as they support the 20-day SMA

• EUR/GBP fell 0.10% on Tuesday and remains in a range, but bullish trend intact.
• RSI, flat MACD support a balanced outlook.
• EUR/GBP should hold above 0.8380 to confirm the uptrend.

EUR/GBP remains capped in a recent range and fell 0.10% to 0.8380 on Tuesday. However, the larger timeframe trend remains bullish as suggested by the technical indicators and the pair continues to trade sideways after last week’s rally.

The Relative Strength Index (RSI) is near 50 and is falling. This suggests that selling pressure is building. The Moving Average Convergence Divergence (MACD) is steady in positive territory, suggesting that buying pressure is steady.

A bullish continuation could be expected if the price breaks the resistance at 0.8400, which would secure the 20-day simple moving average (SMA), potentially paving the way for gains towards 0.8450 and 0.8500. Conversely, if the price breaks below the 0.8320 support level, it may trigger further declines. Overall, everything points to the fact that the bullish momentum gained last week seems to be taking a lull, but still, the bulls have the same job to do.

EUR/GBP daily chart