Eurgbp Mildly Bullish

Eurgbp Mildly Bullish by Andrew Blumer last updated on February 16, 2024

Eur/Gbp Mildly Bullish Near 0.8535

EUR/GBP appears to have registered mild gains during Friday's session & and can be seen near 0.8535. On the daily chart of EUR/GBP, the overall sentiment is neutral-to-bearish, which suggests that the recent bullish gains are only short-term.

One expert pointed out that it appears the sellers of EUR/GBP are taking a break. After all, the EUR/GBP has already lost -1.6% of its value in January 2024 alone. If we look at the weekly chart, the indicators are still in the negative area, which means sellers are still the dominating force.

Gbp Under Pressure After Boe Comments

look at the EUR/GBP fundamentals suggests that the GBP is under a bit of pressure after the dovish comments from BoE. Although there's still no rate cut in sight, the language used by the BoE has become soft. One member 'Swait Dhingra' even voted for the first rate cut in several years.

technical chart like the D1 shows that the EUR/GBP is still under the spell of bears. The RSI is making a positive slope but has failed to escape the bearish territory.

At the same time, the MACD is printing red bars with a bearish trend as the dominating force. Elsewhere, the 20, 100, and 200 SMA on the EUR/GBP D1 chart shows that the bears are still lingering around the corner.

And if we move towards the weekly chart of EUR/GBP, we can see that the bearish sentiment is still solid. The RSI, MACD, and SMA also show that the bears are in control.

Despite this, experts believe that EUR/GBP will likely consolidate starting Monday as it has closed six weeks in the red.

It is also important to note that while the GBP is under the weather due to the BoE, the ECB has adopted a more data-oriented approach.