EUR/GBP Price Analysis: Crosses short-term upside hurdle on the way to 100-SMA

• EUR/GBP takes the bids to refresh intraday top, crosses fortnightly resistance line.
• Firmer Momentum, sustained break of immediate hurdle directs bulls to 100-SMA.
• Key Fibonacci retracement levels, monthly low challenge bears.

EUR/GBP refreshes intraday low to 0.8546, up 0.12% on a day during early Monday.

The cross-currency pair recently pierced a downward sloping trend line from September 07, extending a rebound from the monthly low.

Given the upbeat Momentum line favoring the break of immediate resistance, now support, EUR/GBP is ready for further upside towards another key hurdle, namely 100-SMA near 0.8565.

It should be noted that the pair’s upside past 0.8565 will enable it to aim for the 0.8600 threshold, comprising the early month peak.

Meanwhile, pullback moves below the stated resistance-turned-support, near 0.8538, will direct the quote to 61.8% Fibonacci retracement of August 10 to September 07 upside close to 0.8510.

Also acting as a downside filter is the monthly low of the 0.8500 psychological magnet.

To sum up, EUR/GBP is up for a north-run towards the monthly low but 100-SMA will challenge the bulls.

EUR/GBP: Four-hour chart

Trend: Further recovery expected