EUR/GBP Price Analysis: Bears dominates below the 0.8500 mark

• EUR/GBP edges lower on Thursday in the initial European trading session.
• Cross hovers in the broader consolidation range of 0.8520 and 0.8700.
• Momentum oscillators trade skid below the midline with caution for upside momentum.

EUR/GBP came under pressure and retreats below the 0.8520 level in the European trading hours. The pair confides in a narrow trade band with a downside bias.

At the time of writing, EUR/GBP is trading at 0.8512, down 0.07% for the day.

EUR/GBP daily chart

On the daily chart, the EUR/GBP cross has been moving in a broader trading channel of 0.8520 and 0.8700 since April with one breakout in between. 

A sustained move below the intraday low would meet with the first support at the 0.8500 horizontal support level.

In doing so, next to EUR/GBP could test the levels last seen in February.

The Moving Average Convergence Divergence (MACD) indicator trades just below the midline, with a bearish crossover. Any downtick in the MACD would prompt bears to retest the low of 0.8472 made on April 5 followed by the February 27 low at 0.8433.

Alternatively, if price moves higher, it will shrug off the current downside momentum. In that case, the first upside target emerges at the 0.8525 horizontal resistance level.

The next upside target appears at the 0.8540 horizontal resistance level followed by the high of July 26 at 0.8573.

EUR/GBP additional levels