Usman Salis
⬤ EUR/GBP showed little movement during the latest European session, staying locked in a tight range. The pair hasn't managed to test the 0.8690 level, with sellers stepping in around 0.8680. Recent bounce attempts have stalled below this ceiling, keeping the price action compressed without any clear direction.
⬤ The technical picture is pretty straightforward. Resistance sits firmly in the 0.8680-0.8690 zone where rallies keep getting rejected, while support holds around 0.8645-0.8650. Lower highs within the range show that buyers aren't gaining traction—each upside attempt gets sold into quickly. Short-term moving averages are bunched together near current levels, confirming the lack of bullish momentum.
⬤ The 0.8645 area has been doing its job as support, attracting buyers and preventing deeper drops so far. Every dip toward this floor has stabilized rather than accelerated lower. That said, the bounces haven't been impressive, suggesting these moves are just corrections rather than anything more meaningful. Unless resistance gets taken out, the short-term setup still leans bearish.
⬤ This rangebound action matters because it gives traders clear boundaries to work with. As long as EUR/GBP stays capped below 0.8680, the near-term bias remains slightly bearish. A clean break below 0.8645 would likely trigger further downside, while a push above resistance would be needed to flip the outlook. Until one of these levels breaks, expect EUR/GBP to stay stuck in consolidation mode with limited conviction either way.
Usman Salis
