EUR/GBP Price Analysis: Eases from 50-day EMA to snap two-day uptrend
- EUR/GBP remains pressured around intraday low on the first negative day in three.
- Bullish MACD signals, sustained break of 20-day EMA keep buyers hopeful.
EUR/GBP bulls take a breather following a two-day uptrend, down 0.08% intraday around 0.8500 during early Thursday.
In doing so, the cross-currency pair marks a reversal from the 50-day EMA, as well as 38.2% Fibonacci retracement (Fibo.) of July-October fall.
It should be noted, however, that the successful break of 20-day EMA and bullish MACD signals keep EUR/GBP buyers hopeful to tackle the 0.8505 immediate hurdle to aim for 50% and 61.8% Fibo. levels, respectively around 0.8535 and 0.8565.
Should the pair buyers remain dominant past 0.8565, a two-week-old horizontal hurdle around 0.8615 will be the key to watch.
Alternatively, pullback moves remain less important until staying beyond the 20-day EMA level of 0.8478.
Following that, August month’s low and multiple bottoms marked during October, near 0.8450 and 0.8420 in that order, should challenge the EUR/GBP bears.
EUR/GBP: Daily chart
Trend: Further upside expected