- EUR/GBP prints mild gains following another bounce off 200-bar SMA.
- Bullish MACD, sustained break of two-week-old resistance line, now support, favor the bulls.
EUR/GBP picks up bids around 0.9030, up 0.11% intraday, during early Wednesday. The quote bounces off 200-bar SMA, while also staying below 100-bar SMA, amid bullish by press time.
Considering the quote pair’s successful trading beyond the key SMA and previous resistance line from December 21, EUR/GBP buyers should remain hopeful.
As a result, a clear upside break of 0.9055, comprising 100-bar SMA, will direct EUR/GBP buyers to the late December tops near 0.9095 and then to the 0.9100 round-figure.
However, any further upside past-0.9100 will not hesitate to challenge December’s peak surrounding 0.9230. Though, the odds of taking a halt during the rise near the 0.9200 threshold can’t be ruled out.
Meanwhile, a downside break of 200-bar SMA, currently around 0.9020, needs validation from the short-term support line, at 0.8991 now, to revisit last Wednesday’s low near 0.8930.
Overall, EUR/GBP buyers are gradually firming the grip while also waiting for confirmation of further upside.
EUR/GBP four-hour chart
Trend: Further upside expected
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