EUR/GBP Price Analysis: Keeps bounce off 50-DMA around 0.8450

• EUR/GBP grinds higher around daily top after reversing from 50-DMA on Wednesday.
• Bullish MACD signals hint at further upside towards 100-DMA.
• Convergence of descending trend line from September, 61.8% Fibonacci retracement becomes key hurdle.

EUR/GBP holds onto the previous day’s recovery moves around 0.8445 as markets brace for crucial weekly data/events during Thursday’s Asian session.

In doing so, the cross-currency pair justifies the latest U-turn from the 50-DMA amid bullish MACD signals.

However, the 100-DMA level surrounding 0.8455 challenges the quote’s further upside, a break of which will direct EUR/GBP buyers towards the 50% Fibonacci retracement (Fibo.) of September 2021 to February 2022 downside, around 0.8470.

Following that, a confluence of the 61.8% Fibo. and a descending resistance line from September 29, near 0.8515, becomes a tough nut to crack for the bulls.

Alternatively, pullback moves remain elusive beyond the 50-DMA level of 0.8417, a break of which will direct the quote towards the November 2021 low of 0.8380.

Should EUR/GBP bears keep reins past-0.8380, the 0.8330 and the 0.8300 levels may test the downside momentum targeting to refresh the multi-day low of 0.8284.

EUR/GBP: Daily chart

Trend: Further upside expected