EUR/GBP Price Analysis: Bulls face challenge near double top around 0.8600

• EUR/GBP prints some fresh gains on Wednesday trading session.
• More upside for the pair if price breaks above 0.8600.
• Momentum oscillators hold onto the overbought zone with a bullish sentiment.

EUR/GBP continues to trade higher tracing the previous session’s good performance.

At the time of writing, EUR/GBP is trading at 0.8590, up 0.06% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been trading lower since the high made on July 20 around 0.8669. The price recovered from the low made on August 10 near 0.8450.

Currently, the price moves in an ascending trending channel from the mentioned low level.

A sustained move above the 0.8600 mark would meet the high of July 22 at 0.8610 as the first upside target.

In doing so, EUR/GBP bulls would then make a way to reach the 0.8625 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades in the overbought zone. Any uptick in the MACD would prompt bulls to retest the 0.8650 horizontal resistance level.
 
Alternatively, if price moves lower, in that case, the first downside target emerges at the previous session’s low at 0.8565.

Next, the bears would aim at the 0.8555 and the 0.8535 horizontal resistance levels.

EUR/GBP additional levels