The EURGBP is better off with the overall better tone in the EUR pairs today as a relief buildup from the decline of Russian / Ukrainian invasion anxiety.
The move to the top has the pair testing the falling 100-hour moving average and the 38.2% rebound from the move down from last week’s high to the low reached in trading yesterday. That level comes at 0.8396. The current price is trading at 0.8391.
Sellers leaned near the 100-hour moving average of the last four hours of trading. Risk can be defined and limited against the area and traders benefit from this bias definition level. In a move up, a downward downward trend linking recent highs cuts at 0.8403. Above that is the 50% midpoint of the same move down at 0.8411 in the 200-hour moving average at 0.84148. Near that area also swings lows back to February 8, February 9, February 10, and parts of February 11 (see red numbered circles).
The next risk for buyers would be in moving back below yesterday’s high at 0.83859 level. If the price starts trading more comfortably below that level, the buyers would start to give up, with the sellers regaining more control.