:EUR/GBP technical analysis: 100-day SMA grabs the buyer’s immediate attention
Our preference: under pressure below 0.8708.
Alternative scenario: above 0.8708, look for 0.8741 and 0.8761.
Gradual improvement in RSI joins a sustained break of short-term resistance to favor the further upside.
100-day SMA grabs the spotlight for now.
Sustained trading beyond 0.8650/55 horizontal area enables the EUR/GBP pair to trade near
0.8680 while heading into the European session on Wednesday.
Should the bulls remain in command, 100-day simple moving average (SMA) level around
0.8700 can become their immediate favorite prior to the 38.2% Fibonacci retracement of January – March downturn, near 0.8715.
Given the price strength remain intact beyond 0.8715, 0.8740 and 0.8760 can entertain optimism ahead of challenging them with
0.8790 – 0.8800 resistance-zone comprising 200-day SMA and 50% Fibonacci retracement.