- EUR/GBP bulls seek new triggers to renew buying.
- Bulls need to clear August-2019 peak before attacking yearly high.
- Bears have an immediate target near June high of 0.9210.
EUR/GBP is trading near 0.9240, a fall of 0.18 Percent from the earlier close, heading into the Monday’s European session. Today’s early-decline marks a U-turn from the recent highs since late March. The overbought reading in the Relative Strength Index is a significant deterrent to the uptrend in the short-term.
Bears will try to push the pair to 23.6 Percent Fibonacci retracement of December 2019 – March 2020 upswing, near 0.9210. Below this, the bulls might find some strength to fight back near 0.9175, encompassing June peak.
On a further down move, the bears can attack the July high of 0.9148 and 0.9070-August-high.
Bulls, right now, need a move above 0.9300 to gain momentum before attacking August 2019 top around 0.9325. Beyond these levels, bulls will be ready to target the year high printed in March, near 0.9500.
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