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The EURGBP is up with the overall better tone in the EUR pairs today as a relief rally from the toning down of Russian/Ukraine invasion anxiety.
The move to the upside has the pair up testing the falling 100 hour moving average and the 38.2% retracement of the move down from last week’s high to the low reached in trading yesterday. That level comes in at 0.8396. The current price is trading at 0.8391.
Sellers have been leaning near the 100 hour moving average of the last four hours of trading. Risk can be defined and limited against the area and traders are taking advantage of that bias defining level. On a move above, a downward sloping trendline connecting recent highs cuts across at 0.8403. Above that is the 50% midpoint of the same move down at 0.8411 in the 200 hour moving average at 0.84148. Near that area is also swing lows going back to February 8, February 9, February 10, and parts of February 11 (see red numbered circles)..
The close risk for buyers would be on a move back below the high from yesterday at 0.83859 level. If the price starts to trade more comfortably below that level, the buyers would start to give up, with the sellers take back more control.