- EUR/GBP posts mild gains following Friday’s bullish candlestick formation.
- 61.8% Fibonacci retracement and 50/200-day SMA restrict immediate upside.
While justifying Friday’s bullish Doji, EUR/GBP rises 0.14% to 0.8711 ahead of the European open on Monday.
Even so, the pair stays below 0.8740/50 resistance confluence comprising 50-day and 200-day SMA as well as 61.8% Fibonacci retracement level of February-March upside.
Hence, the current recovery moves are less likely to last longer unless providing a daily closing beyond 0.8750, which if happens could aim for April 07 top near 0.8865.
Alternatively, the pair’s declines below 0.8680 immediate support can divert sellers towards a 100-day SMA level near 0.8615 ahead of early-February high close to 0.8540.
EUR/GBP daily chart