EUR/GBP treads water around 0.8775 heading into Tuesday’s London open, following a pullback from the short-term key technical hurdles the previous day.
Even so, the cross-currency pair’s sustained trading past a one-week-long ascending trend line joins sluggish MACD signals and steady RSI (14) to prod the bears.
As a result, a slower grind towards a downward-sloping resistance line from early March, around 0.8785, can’t be ruled out. However, the 100-SMA level of 0.8790, and the 0.8800 round figure could challenge the EUR/GBP bulls afterward.
In a case where the quote rises past 0.8800, the 200-SMA level of 0.8811 acts as the last defense of the bears, a break of which can propel the prices towards the late March swing high of around 0.8865.
On the flip side, the aforementioned one-week-old ascending support line, near 0.8755 by the press time, limits immediate declines of the EUR/GBP.
Following that, an ascending support line from March 15, close to 0.8730, becomes crucial to watch as a break of which won’t hesitate to challenge the Year-To-Date (YTD) low of 0.8718 marked in March.
Overall, EUR/GBP is likely to grind higher but the upside room remains limited.
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