EUR/GBP Price Analysis: 100-DMA defends buyers above 0.8400

• EUR/GBP consolidate the previous day’s heavy gains above the key moving average.
• Fortnight-old support line restricts immediate declines ahead of fortnight-long support line.
• Convergence of the 200-DMA, February high appears a tough nut to crack for bulls.

EUR/GBP remains on the back foot around an intraday low of 0.8415 as sellers attack the 100-DMA heading into Friday’s European session.

In doing so, the cross-currency pair pares the previous day’s heavy gains that pierced the aforementioned key moving average.

However, the bullish MACD signals and the pair’s failure to break the 100-DMA level near 0.8415 keep EUR/GBP buyers hopeful.

Even if the quote drops below 0.8415, an ascending support line from March 07 and the 50-SMA, respectively near 0.8390 and 0.8360, will challenge the bears.

Meanwhile, 61.8% Fibonacci retracement (Fibo.) of December 2021 to March 2022 downside, around 0.8450 will restrict the EUR/GBP pair’s short-term upside.

In a case where the pair rises past 0.8450, February’s top and the 200-DMA will restrict any further upside near 0.8480.

EUR/GBP: Daily chart

Trend: Recovery expected