EUR/GBP Technical Analysis: Positive momentum approaches an important confluence hurdle

   •  Over the past two weeks or so, the cross has been trending higher and is currently placed at a resistance marked by the top end of an upward sloping channel.

   •  The mentioned hurdle coincides with 61.8% Fibonacci retracement level of the 0.8996-0.8723 recent downfall and is likely to hinder any follow-through up-move.

   •  Technical indicators on hourly chart hold in bullish territory and have also started gaining positive momentum on the daily chart, supporting prospects for additional gains.

   •  Traders, however, are likely to wait for a convincing break through the mentioned confluence resistance before positioning for any further near-term appreciating move.
 

EUR/GBP 4-hourly chart