- EUR/GBP consolidates losses from seven-week low amid bullish MACD.
- Short-term falling trend lines keep sellers hopeful, 200-HMA adds to the upside filters.
EUR/GBP rises to the day’s high of 0.9048, up 0.20% intraday, during the pre-European session trading on Friday.
While MACD favors the pair’s bounce off multi-day low beyond the 0.9000 psychological magnet, a downward sloping trend line from Monday offers immediate resistance around 0.9052.
In a case where the quote manages to cross the 0.9052 hurdle, a confluence of 200-HMA and a falling trend line from October 20, currently around 0.9060, can challenge the EUR/GBP bulls.
It should, however, be noted that the quote’s ability to cross 0.9060 directs the buyers toward the 0.9100 round-figure.
On the flip side, 0.9020 and the 0.9000 round-figure could keep the pair’s near-term declines limited.
If at all the EUR/GBP bears manage to conquer the 0.9000 threshold, the early-August lows near 0.8970 and the September month’s bottom surrounding 0.8865 could appear on their radars.
EUR/GBP hourly chart
Trend: Pullback expected
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