The EURGBP movedto it's week's low during Tuesday's trade, and in the process tested the 200 hour moving average. Support buyers leaned against the level (it was also a swing low from last week), and sellers turned to buyers.
The price rise off the low on Tuesday saw the 100 day and 100 hour moving averages rebroken at 0.8512 (on Wednesday - see blue lines).
The 200 day moving average was the next key technical level to be broken on that same day. That break led to increase momentum to the upside.
The high price for the week reached 0.85985 which took out the high from November at 0.85944 - but only by 4 pips. That failed break, led to buyer turning back to sellers.
The price yesterday move back below the 200 day moving average at 0.85552, and in trading today, the rising 100 hour moving average at 0.05353 was also rebroken.
However so far the rising 200 hour moving average at 0.85250 has held support. The current price is trading between those two hourly moving averages. There is a cause for pause.
It will now take a move below the 200 hour moving average and below that the 100 day moving average at 0.8513 to further increase the bearish bias for the pair.
Conversely, if the 200 hour moving average can hold support (or the 100 day moving average for that matter as well), and the price can extend back above the 100 hour moving average with momentum, traders will look again toward a re-break of the 200 day moving average at 0.8555 to signal that the buyers are firmly in the driver's seat.
So there is work to do for the sellers if they are to take more control, and more work to do from the buyers if they are continue to show more strength. Watch a technical levels for the clues. For now, the buyers and sellers are battling it out.