EUR/GBP treads water around 0.8810-15, after rising the most in three months, as it braces for the key UK data/events during early Wednesday.
In doing so, the cross-currency pair retreats from the convergence of the 21-day and 50-day Exponential Moving Average (EMA).
However, the recent easing in the bearish bias of the MACD signals and steady RSI joins the EUR/GBP pair’s successful break of a two-week-old descending trend line keep the buyers hopeful of crossing the 0.8820 resistance confluence.
Following that, a run-up towards the 0.8900 round figure can’t be ruled out.
However, a downward-sloping resistance line from mid-February, around 0.8920 by the press time, could challenge the EUR/GBP bulls afterward.
On the contrary, pullback moves gain importance if breaking the previous resistance line, around 0.8765 at the latest.
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