EUR/GBP gains some positive traction on Thursday and snaps a two-day losing streak.
The technical setup favours bullish traders and supports prospects for additional gains.
A convincing break below the 0.8600 mark is needed to negate the constructive outlook.
The EUR/GBP cross attracts some dip-buying near the 0.8650-0.8645 region on Thursday and builds on its steady intraday ascent through the first half of the European session. Spot prices touch a fresh daily peak, around the 0.8675-0.8680 zone in the last hour and for now, seem to have snapped a two-day losing streak.
From a technical perspective, oscillators on the daily chart – though have been losing traction – manage to hold in the positive territory and support prospects for a further appreciating move. That said, the recent failure to build on the momentum beyond the 0.8700 mark, which now coincides with the very important 200-day Simple Moving Average (SMA), warrants some caution before placing aggressive bullish bets around the EUR/GBP cross.
Hence, any subsequent move up might continue to confront stiff resistance near the 0.8700-0.8705 region, or a four-month high touched on September 28. A convincing breakthrough will be seen as a fresh trigger for bullish traders and lift the EUR/GBP cross towards the next relevant hurdle near the 0.8735-0.8740 area. The momentum could get extended further towards the 0.8775-0.8780 resistance before spot prices reclaim the 0.8800 round figure.
On the flip side, the 0.8645-0.8640 zone, or the weekly trough touched on Wednesday, might continue to protect the immediate downside. Some follow-through selling should pave the way for a slide towards the 100-day SMA, currently pegged near the 0.8600 mark. The said handle should act as a strong base for the EUR/GBP cross, which if broken decisively will negate any positive outlook and shift the near-term bias in favour of bearish traders
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