The EURGBP rose during the European session as the EURUSD climbed higher ahead of the ECB rate decision. While the high price for the EURUSD stalled near its 200-hour moving average, the EURGBP reached and briefly surpassed its falling 100-hour moving average (blue line in the chart above). However, the pair couldn't maintain momentum to reach the 50% midpoint level of the decline from the March high, which stands at 0.88215.
As buyers turned to sellers, the last six or so trading hours witnessed a steady downward move. This decline brought the price to a new session low of 0.8755, falling below the 100-day moving average of 0.87659 and testing the February 28 low at 0.87545. Unable to break below the swing low level, the price has since oscillated around the 100-day moving average.
Looking forward, if buyers aim to gain more control, they need to surpass the 0.8778 - 0.8782 target, providing them with some confidence. On the other hand, a move below 0.87545 would lead traders to focus on yesterday's low prices for further direction.