EUR/GBP Price Analysis: Monthly rising trendline questions the sellers

• EUR/GBP registers mild losses while extending pullbacks from the multi-year top.
• 10-day SMA offers immediate support ahead of the ascending trend line since February 26.
• Buyers will look for entry beyond the weekly top.

While extending its pullback moves from the multi-year top, EUR/GBP drops 0.16% to 0.9275 during the pre-European session on Tuesday. Even so, the pair stays above near-term key supports, which in turn keeps buyers hopeful.

Among the nearby rest-points, 23.6% Fibonacci retracement of December 29, 2019, to March 2020 upside around 0.9210, followed by 10-day SMA near 0.9140, acts as the initial ones to observe.

In a case where the EUR/GBP prices slip below 0.9140, 38.2% and 50% Fibonacci retracements, close to 0.9030 and 0.8890 respectively, can offer intermediate halts to the downward trajectory targeting 0.8750/40 support area that comprising 200-day SMA and 61.8% Fibonacci retracement.

Meanwhile, buyers will wait for fresh entries only if the pair manages to refresh the weekly top surrounding 0.9390, also crosses the 0.9400 round-figure.

In doing so, the latest multi-year top near 0.9500 will be on the bull's radars.

EUR/GBP daily chart

Trend: Bullish