EUR/GBP Price Analysis: Bears retake controls below 0.8500

• EUR/GBP reverses Friday’s corrective pullback, refreshes intraday low.
• 20-SMA, weekly resistance line guards immediate upside.
• RSI conditions suggest limit for the bears around yearly low.

EUR/GBP takes offers to refresh intraday low around 0.8485, down 0.10% on a day during early Monday.

The cross-currency pair benefited from the oversold RSI conditions during the last week while bouncing off the two-month low.

However, a short-term descending trend line and 20-SMA triggered the quote’s fresh pullback towards the multi-day low of 0.8474.

In a case where the EUR/GBP bears refrain from following the RSI signals, the yearly low marked in August around 0.8450 will be in focus.

Meanwhile, a two-month-long horizontal line joins the stated falling trend line and 20-SMA to restrict short-term EUR/GBP rebound below the 0.8500 threshold.

Should the quote crosses 0.8500, the 61.8% Fibonacci retracement of August-September upside near 0.8530 should lure the bulls.

EUR/GBP: Four-hour chart

Trend: Bearish