• EUR/GBP trades between 0.8500 and 0.8550 for the fifth day, briefly touching a YTD low of 0.8504.
• Sellers eye the 0.8500 level for further downside, with next support at last year’s August 22 low of 0.8408.
• Short-term bearish outlook supported by 50-HMA and daily pivot at 0.8522/26; resistance at 0.8540 and support at 0.8504.

According to the daily chart, the EUR/GBP currency pair remains locked in a narrow range between 0.8500 and 0.8550 for the fifth consecutive day. Despite this sideways action, the Euro (EUR) briefly dipped to a year-to-date low of 0.8504 before recovering slightly to the 0.8520 area as Wednesday’s Asian session began.

EUR/GBP Price Analysis: Technical outlook

The EUR/GBP daily chat portrays the pair in sideways action, within the 0.8500/0.8550 for the fifth consecutive day, though Euro (EUR) weakness triggered a fall to crack year-to-date (YTD) lows of 0.8504 and bounced towards the 0.8520 area. Sellers could extend the cross fall once they reclaim 0.8500. In that outcome, the EUR/GBP’s next support would be last year’s August 22 low at 0.8408. Conversely, the EUR/GBP could shift upwards if it reclaims 0.8600.

In the short term, the EUR/GBP hourly chart portrays a bearish continuation, as the intersection of the 50-hour Moving Average (HMA) with the daily pivot point at 0.8522/26 would be challenging to overcome. In addition, the downslope resistance trendline passes around 0.8540. If EUR/GBP breaks above those levels, the next resistance would be the 100-HMA at 0.8533, followed by the R1 pivot at 0.8537. Contrarily, and on the path of least resistance, the EUR/GBP’s first support would be the YTD low of 0.8504. Once cleared, the next support would be the S2 pivot at 0.8494, followed by the S3 daily pivot point at 0.8475