- EUR/GBP stays firmer above the key SMA, battle near-term crucial resistance.
- RSI conditions probe bulls but 200-SMA breakout signals further upside.
- April top lures buyers, seven-week-old support line adds to the downside filters.
EUR/GBP edges higher around 0.8660, up 0.05% intraday, amid the initial Asian session trading on Wednesday. In doing so, the quote keeps the previous day’s upside break of 200-SMA while attacking a downward sloping trend line from April 30.
In addition to the stated resistance line, around 0.8665, RSI conditions also probe EUR/GBP bulls. Hence, a pullback towards the 200-SMA re-test, near 0.8650, can’t be ignored.
Though, the weekly support line and an ascending trend line from early April, respectively around 0.8630 and 0.8590, could tame the pair sellers.
Meanwhile, an upside break of 0.8665 will target the 0.8700 round figure but multiple resistances near 0.8715-20 may challenge EUR/GBP buyers afterward.
To sum up, EUR/GBP can witness a pullback before extending the latest uptrend towards multiple hurdles to the north.
EUR/GBP four-hour chart
Trend: Pullback expected
Share
