EUR/GBP technical analysis: Bounces off 200-HMA towards immediate resistance-line

• 200-HMA offers strong downside support.
• 0.8905 can limit the pair’s rise past-trendline break.

Despite bouncing off 200-HMA, EUR/GBP’s upside is less sure as it trades near 0.8854, beneath short-term trend-line resistances, ahead of the European open on Thursday.

While the break of 0.8865 level comprising adjacent resistance-line can trigger the pair’s fresh advances towards 0.8880, the current month high around 0.8905 may limit additional rise.

Should there be a price rally past-0.8905, low of December-end near 0.8930 could arrive on the chart.

If at all the quote slips beneath 200-hour moving average (HMA) level of 0.8839, 0.8820, 0.8805 and 0.8790 could lure sellers.

EUR/GBP hourly chart

Trend: Pullback expected