EUR/GBP buyers aren’t giving up yet after the recent move back under 0.9000
The more immediate focus in the near-term chart is seeing if price can stay above the 100-hour MA (red line). With the pound slipping a little to start the session, buyers have managed to climb above the level but are now struggling to hold a break above it.
That is the first key test for buyers currently as we look to wrap up the week. Further upside resistance is seen from the trendline resistance around 0.8972 (alongside the 50.0 retracement level) before the 200-hour MA (blue line) @ 0.8981 comes into play.
Should price fall back below the 100-hour MA, it would put sellers back in near-term control with the potential to eye a move back towards the downside:
The risk for buyers now is support from the 23.6 retracement level @ 0.8915 as well as the 0.8900 handle. Sellers need to find a firm daily break below those levels in order to build on the next leg to the downside.
Further support is then seen closer towards 0.8870-75 but first thing’s first, sellers will have to crack below the key levels mentioned.