EUR/GBP Price Analysis: Remains pressured towards 0.8550

• EUR/GBP begins the week on a back foot, down for third consecutive day.
• Sustained pullback from 100-DMA, 61.8% Fibonacci retracement direct bears to 50-DMA.
• Bullish MACD, key DMA restrict further downside, monthly high adds to the upside filters.

EUR/GBP stays pressured for the third consecutive day, down 0.08% around 0.8570 during early Monday morning in Asia.

In doing so, the cross-currency pair keeps the previous week’s failures to stay beyond 61.8% Fibonacci retracement (Fibo.) of May-August downside and 100-DMA.

Although 50% Fibo. may offer immediate support to the pair around 0.8560, bullish MACD challenges the quote’s further declines past 50-DMA level surrounding 0.8550.

In a case where EUR/GBP bears keep reins below 0.8550, the 38.2% Fibonacci retracement level near 0.8535 and lows marked during July, around the 0.8500 threshold, will be important to watch.

Meanwhile, a convergence of 100-DMA and 61.8% Fibonacci retracement will challenge the pair buyers around 0.8585–90. Also acting as an upside filter is the monthly peak surrounding 0.8605.

While higher-high and lower-lows marked during the last two weeks favor the EUR/GBP bulls, they need to cross the 0.8605 hurdle to retake the controls.

EUR/GBP: Daily chart

Trend: Pullback expected