EUR/GBP Price Analysis: Looks set to refresh multi-month low around mid-0.8500s

• EUR/GBP holds lower ground, wavers around intraday low.
• Descending RSI line, bearish triangle and a sustained break of monthly support line favor bears.
• 100-HMA, two-week-old falling trend line add to the upside filters.

EUR/GBP stays heavy while attacking the day’s bottom near 0.8555, down 0.05% ahead of Thursday’s European session. The cross-currency pair refreshed the lowest level in a month the previous day but is yet to revisit February’s bottom also the 13-month low.

Considering no major stops inside a short-term triangle and successful trading to the south after breaking a short-term support line on Monday, EUR/GBP is likely to remain pressured towards the previous month’s low of 0.8539.

However, any further weakness will eye for January 2020 lows near 0.8387 with the 0.8500 and the 0.8400 thresholds ready to offer intermediate halts.

Meanwhile, an upside break of the stated triangle’s resistance, at 0.8570 now, will have to cross the previous support line, as well as the 100-HMA, near 0.8580 to justify the corrective pullback.

Though, bulls will be questioned by a falling trend line from February 26, at 0.8592, followed by the 0.8600 round-figure before giving a pass for entry.

EUR/GBP hourly chart

Trend: Bearish