- EUR/GBP saw a slight pullback from a short-term descending trend-line.
- Bullish set up, suggests dip buying could be seen.
- A meaningful slide could be capped around 61.8% Fibo. level.
The EUR/GBP couldn’t maintain gains around 0.9155 and declined 45 pips hitting a daily low.
The move higher failed to push through the descending trendline (from Sept 11th high) resistance GBP/EUR stable around 38.2% Fibonacci level of the 0.8866-0.9292 recent move higher.
Meanwhile, technical indicators on the 1-hourly chart have pulled back from elevated levels but are yet to turn bearish. This combined buy signals on oscillators on the daily chart suggest dip-buying at lower levels could emerge
A pullback to 0.9100 could be a buying opportunity and remain capped close to the 50% Fibo. level support, 0.9075 This could be considered a key pivotal point for short-term traders.
might need to look for a meaningful move through the mentioned trend-line resistance before setting up for any further gains. The EUR/GBP cross might then target beyond the 23.6% Fibo. level and the 0.9200 round number level.