EUR/GBP Price Analysis: 0.8360 remains a tough nut to crack for bulls

• EUR/GBP sees a renewed upside while above 0.8300.
• The cross needs to clear the 21-DMA to take on the 0.8360 barrier.
• Bearish RSI keeps bulls cautious ahead of key BOE, ECB showdown.

EUR/GBP is trying hard to extend the previous rebound from near the 0.8320 region, currently trading in the green at 0.8336.

Despite the uptick, bulls appear non-committal ahead of the BOE and ECB monetary policy decisions due Thursday, with the former likely to hike the interest rates for the second time in a row.

The ECB is likely to stand pat while dismissing the inflationary concerns. The central bank divergence is likely to limit the bullish potential in the cross.

Technically, the EUR/GBP cross is making headways to recapture the bearish 21-Daily Moving Average (DMA) at 0.8346.

Further up, the recent range highs near 0.8360 will emerge as a powerful resistance for the optimists.

The next level to beat for bulls will be the 0.8400 round number.

EUR/GBP daily chart

However, the 14-day Relative Strength Index (RSI) remains below the midline, warranting caution for bulls.

Therefore, selling resurgence could call for a retest of Tuesday’s low of 0.8318, below which 0.8300 could be probed.

That level is the critical horizontal trendline support on the daily time frame.

EUR/GBP additional levels