EUR/GBP Price Analysis: Bulls meet strong resistance at the 100-day SMA

The EUR/GBP daily chart reveals a consolidating bullish momentum. In the hourly chart, the EUR/GBP portrays weaker buying traction, with RSI declining deep into negative terrain. The pair remaining above the 20-day SMA reveals a short-term bullish bias. The cross encountered strong resistance at 0.8580 at the 100-day SMA. Despite the recent positive momentum, there is a notable resistance at the 0.8580 level, potentially capping further rise.

Given the downward RSI trend and the MACD histogram exhibiting flat red bars, short-term momentum appears to lean toward sellers. EUR/GBP hourly chart Observing the wider perspective, the EUR/GBP stands above its 20-day Simple Moving Average , indicative of a short-term bullish inclination. However, this movement is checked by the prospective resistance at the 100-day SMA at the 0.8580 mark, which could restrict further upward progression.

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