EUR/GBP Price Analysis: Grinds lower between weekly support line and 50-HMA

• EUR/GBP holds lower ground inside a short-term trading range.
• January 18 high adds strength to 0.8380 hurdle, 200-HMA acts as extra filter to the south.
• Steady RSI keeps the quote tight-lipped on a short timeframe.

EUR/GBP eases to 0.8365 amid an inactive trading session during early Wednesday morning in Europe.

Even so, the cross-currency pair remains inside a nearby trading range between 50-HMA and a three-day-old ascending support line, respectively around 0.8380 and 0.8360.

Given the steady RSI line, the latest sideways performance is likely to extend.

However, a one-week-old horizontal line adds strength to the 0.8380 resistance, making it harder to cross.

On the contrary, a downside break of 0.8360 will need validation from the 200-HMA level of 0.8352 before directing EUR/GBP bears towards the monthly low of 0.8305, also the lowest level since February 2020.

If at all the pair stays bearish below 0.8305, the 0.8300 round figure will probe the sellers before directing them to a February 2020 low of 0.8282.

It’s worth noting that the EUR/GBP upside past 0.8380 will propel it towards the 0.8400 threshold and then to the monthly peak of 0.8422.

EUR/GBP: Hourly chart

Trend: Sideways