The shared currency benefitted from UK’s macroeconomic news, rising almost 100 pips on Thursday after the Bank of England hiked rates but warned that the country might tap into a 15-month recession. Bolstered by the previously mentioned, the EUR/GBP hit a daily high at the confluence of the 20 and 200-day EMAs around 0.8437-41 region. At the time of writing, the EUR/GBP is trading at 0.8426.
The EUR/GBP daily chart depicts that the pair rallied towards the 0.8437-41 area but failed to crack it, meaning that sellers stepped in. As long as EUR/GBP longs keep the spot price above the July 27 high at 0.8426, buyers could remain hopeful of breaching that ceiling level towards the 100-day EMA at 0.8462. Otherwise, the cross would be vulnerable to sellers, which could send the pair towards 0.8400.
The EUR/GBP hour chart illustrates that once the pair hit a daily high at 0.8437, they retreated and is consolidating in the 0.8415-37 range. The RSI further confirms the previously mentioned, exiting from overbought conditions but stills in bullish territory, about to cross over the 7-hour RSI’s SMA. Therefore, the EUR/GBP might print a leg-up, but it would need to break above 0.8437.
Once that scenario plays out, the EUR/GBP’s first resistance will be the July 27 high at 0.8491. Break above will expose 0.8500, followed by the July 25 pivot high at 0.8525.
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