EUR/GBP Price Analysis: Struggles with two-month-old support line amid oversold RSI

• EUR/GBP stays heavy inside a small range between 0.9008 and 0.8991.
• Oversold RSI can trigger the pair’s pullback from a short-term support line.
• A one-week-old falling trend line offers immediate resistance.
• July month low appears on the bears’ radar during further downside.

EUR/GBP declines to 0.9000 during the early Asian session on Monday. The pair has been trading in a choppy range amid oversold RSI conditions near an ascending trend line stretched from June 09. The same help the bulls to look for entry should the quote portrays recovery.

In doing so, the buyers will wait for a clear break of a descending trend line from June 27, at 0.9031 now. The same can push the pair towards 0.9080 ahead of challenging the July month’s top near 0.9148.

It should, however, be noted that the pair’s upside past-0.9148 will be tough as June month’s peak surrounding 0.9175 could challenge the bulls targeting 0.9200 threshold.

On the contrary, a downside break of 0.8985 support line will open the door for the pair’s slump to the July 10 bottom surrounding 0.8940/35.

In a case where the bears refrain to relinquish control past-0.8935, 0.8915 and June month’s low near 0.8865 may gain market attention.

EUR/GBP four-hour chart

Trend: Pullback expected