EUR/GBP Price Analysis: Rises the most in a week with eyes on 0.8485, BOE

• EUR/GBP pares intraday gains, retreats from weekly top.
• Successful rebound from 100-DMA, 38.2% Fibonacci retracement joins bullish MACD signals to favor buyers.
• Convergence of descending trend line from September 2021, 61.8% Fibo appears strong resistance.

EUR/GBP bulls keep reins on the Bank of England (BOE) monetary policy decision day, i.e. Thursday. That said, the quote prints 0.55% intraday gains, the most in a week, while heading into the European session.

Also read: BOE Preview: Bailey needs to go beyond a rate hike to boost GBP/USD on Super Thursday

The cross-currency pair’s recovery from the 100-DMA and 38.2% Fibonacci retracement (Fibo) of September 2021 to March 2022 downside, near 0.8375, enables it to post the latest jump. The upside momentum also gains support from MACD and RSI, which in turn suggest the quote’s additional run-up towards April’s peak of 0.8467.

However, a convergence of the 61.8% Fibo and a descending trend line from late 2021, around 0.8485, becomes a tough nut to crack for the EUR/GBP bulls.

Should the quote rises past 0.8485, it can quickly cross March’s peak of 0.8512 by aiming for the late 2021 swing high surrounding 0.8550.

On the contrary, pullback moves remain elusive beyond the 0.8375 support confluence, a break of which will again highlight multiple supports surrounding 0.8300 for the EUR/GBP bears.

Overall, EUR/GBP prices are ready for further upside but need validation from 0.8485.

EUR/GBP: Daily chart

Trend: Limited upside expected