EUR/GBP Price Analysis: Eases towards 0.8600 as failures to cross 200-DMA

• EUR/GBP eases from 10-week high, holds ground near intraday low of late.
• Bullish MACD keeps buyers hopeful but a clear upside break of 200-DMA becomes necessary.
• Resistance-turned-support from April holds the gate for seller’s entry.

EUR/GBP bulls take a breather around 0.8635 after 200-DMA probed them the previous day. In doing so, the quote eases towards the previous resistance line from late April during Thursday’s Asian session.

Although bullish MACD and the trend line breakout challenge the pair bears, a clear downside past 0.8625, comprising the stated resistance-turned-support line, won’t hesitate to revisit the early September tops near 0.8613.

Following that, the EUR/GBP downside will witness multiple challenges around the 0.8600 round figure before the seven-week-old support line near 0.8540 gains the market’s attention.

On the contrary, an upside break of 200-SMA level of 0.8646 will aim for the highs marked in July and May around 0.8670.

Should the pair buyers remain in the command past 0.8670, the 0.8700 threshold and April’s top surrounding 0.8740 will be in focus.

EUR/GBP: Daily chart

Trend: Pullback expected