EUR/GBP gained traction for the second consecutive session on Monday. The momentum stalled near a short-term descending trend-line hurdle. Mixed oscillators warrant caution before placing aggressive bullish bets. The EUR/GBP cross built on Friday’s modest recovery from the 0.8535-30 region, or over one-year lows and gained some follow-through traction on the first day of a new trading week. This marked the second straight day of a positive move and pushed the cross to four-day tops during the mid-European session. Bulls, however, seemed struggling to build on the momentum further beyond the 0.8600 round-figure mark and faced rejection near a short-term descending trend-line. The mentioned barrier extends from late February swing highs, near the 0.8730 region and should now act as a key pivotal point for traders. Given that the EUR/GBP cross is holding comfortably above important intraday moving averages (100 & 200-hour SMA), the bias seems tilted firmly in favour of bullish traders. This, along with positive oscillators on hourly charts, supports prospects for an eventual break through the trend-line barrier. Meanwhile, oscillators on the daily chart – though have recovered from oversold conditions – are yet to recover from the bearish territory. This makes it prudent to wait for a move beyond the trend-line resistance, currently near the 0.8610-15 area, before positioning for any further appreciating move. On the flip side, daily swing lows, around the 0.8570 region, which coincides with 200-hour SMA, should now protect the immediate downside. Weakness back below the mentioned support will negate prospects for any further recovery and turn the EUR/GBP cross vulnerable to retest multi-month lows. Some follow-through selling will expose the key 0.8500 psychological mark, which if broken decisively will be seen as a fresh trigger for bearish traders. This, in turn, will set the stage for an extension of the recent/well-established bearish trend witnessed over the past three months or so. EUR/GBP 1-hourly chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ECB’s Knot: Major part of yield rise this year due to better fundamentals FX Street 2 years EUR/GBP gained traction for the second consecutive session on Monday. The momentum stalled near a short-term descending trend-line hurdle. Mixed oscillators warrant caution before placing aggressive bullish bets. The EUR/GBP cross built on Friday's modest recovery from the 0.8535-30 region, or over one-year lows and gained some follow-through traction on the first day of a new trading week. This marked the second straight day of a positive move and pushed the cross to four-day tops during the mid-European session. Bulls, however, seemed struggling to build on the momentum further beyond the 0.8600 round-figure mark and faced rejection near a short-term… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.