The EUR/GBP pair is currently trading sideways, with its movements being limited by the 20-day Simple Moving Average (SMA). This indicates a lack of clear direction in the market at the moment.
Traders are closely monitoring the pair’s movements as it hovers around the 20-day SMA, waiting for a breakout in either direction. The sideways movement suggests a period of consolidation, with neither the Euro nor the British Pound gaining a significant advantage over the other.
It is important for traders to remain patient and wait for a clear signal before making any decisions on their positions. The 20-day SMA will continue to act as a key level of resistance for the pair until a breakout occurs.
Overall, the EUR/GBP pair is currently stuck in a sideways trading range, with the 20-day SMA capping any significant moves. Traders should be prepared for potential volatility once a breakout does occur.