- EUR/GBP stays mostly beyond 0.9020 despite sluggish moves.
- Falling trend line from July 29 adds to the upside barrier.
- A two-month-old support line holds the key to July month’s bottom.
EUR/GBP prints a three-day losing streak while declining to 0.9022, down 0.11% on a day during the pre-European session on Monday. The pair stays depressed below 200-HMA as well as a short-term falling resistance line.
As a result, sellers can keep their short positions while targeting 0.9000 psychological magnet. However, any further downside will have to offer a clear downside break below an upward sloping trend line from June 09, at 0.9000, to aim for July month’s low near 0.8940.
It’s worth mentioning that the pair’s inability to bounce off the 0.9000 threshold will attack June month’s bottom surrounding 0.8865.
Alternatively, 0.9030 and 0.9040, comprising 200-HMA and the aforementioned resistance line, can restrict the pair’s short-term recoveries.
Also acting as upside hurdles will be 0.9060 and the late-July tops near 0.9090 ahead of 0.9100 round-figures.
EUR/GBP hourly chart
Trend: Bearish
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