EURGBP trades above and below 100 day MA

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.