EUR/GBP Price Analysis: Bears keep reins below 0.8480 resistance confluence

• EUR/GBP remains sidelined after refreshing two-week low the previous day.
• 200-SMA triggered the latest rebound but 100-SMA, previous support from mid-April and weekly resistance together test bulls.
• Bearish MACD signals keep sellers hopeful ahead of UK/Eurozone inflation data.

EUR/GBP treads water around 0.8445 as bears take a breather after a four-day downtrend that refreshes a fortnight low the previous day. Even so, the cross-currency pair remains below a short-term key resistance ahead of inflation data from the UK and Eurozone heading into Wednesday’s European session.

That said, a convergence of the 100-SMA, one-month-old previous support and a descending trend line from Thursday appears a tough nut to crack for the EUR/GBP bulls around 0.8475-80.

Also acting as important resistances are multiple levels surrounding 0.8530 and 0.8580, a break of which could accelerate the run-up towards the monthly high of 0.8618.

On the flip side, bearish MACD signals hint at the EUR/GBP pair’s another attempt to conquer the 200-SMA support, around 0.8405 by the press time.

Additionally challenging the pair bears is the early May swing low, near 0.8365, which holds the key to the quote’s further downside targeting late April’s low surrounding 0.8250.

Overall, the EUR/GBP pair’s latest rebound remains elusive ahead of the key UK Consumer Price Index for April and final readings of Eurozone HICP for the stated period.

EUR/GBP: Four-hour chart

Trend: Further weakness expected