Corrects toward intraday support
As per an earlier post, the EURGBP ran higher today and in the process tested cluster of resistance highlighted by the 100 day MA at 0.88784.
The price was able to squeeze above the 100 day MA to a high of 0.8882, but the momentum faded and rotated back lower. Looking at the pieces, the EURUSD fell below the support at 1.13765 and GBPUSD started to consolidate after its tumble lower.
Drilling to the 5-minute chart, the price is approaching the 100 bar MA and the 50% of the days range. If the price can’t break, the buyers are still holding on to the control, and the sellers against the cluster of resistance may turn around.