EUR/GBP Price Analysis: On the back foot below monthly resistance line

• EUR/GBP prints mild losses after refreshing one week high the previous day.
• Bearish MACD favors further declines toward 50-day SMA.
• Bulls will wait for the fresh high of October before taking any entries.

EUR/GBP drops to 0.9103, down 0.13% intraday, while heading into the European session on Wednesday. The pair surged to the highest since last Thursday but bearish MACD dragged the quote downwards from 0.9119.

Even if the buyers manage to cross the 0.9120 immediate resistance, a falling trend line from September 11, currently around 0.9125, will restrict the EUR/GBP run-up towards the monthly peak of 0.9155.

It should, however, be noted that the bulls’ dominance past-0.9155 will not hesitate to challenge the last month’s high of 0.9291. Though, September 23 top close to 0.9220 can offer an intermediate halt during the rise.

Alternatively, a 50-day SMA level of 0.9056 can entertain EUR/GBP sellers on the downside break of the 0.9100 threshold.

Further, the quote’s extra declines below 0.9056 may pause the September 22 low of 0.9025 before attacking the 0.9000 psychological magnet.

EUR/GBP daily chart

Trend: Further weakness expected