EUR/GBP Price Analysis: Treads water below weekly resistance line

• EUR/GBP maintains the choppy range between 0.8995 and 0.9004.
• MACD turns most bearish in three days, 200-HMA offers immediate support.
• Bulls will eye for the weekly top beyond the resistance line.

EUR/GBP fades the previous day’s upside momentum while taking rounds to 0.8997/98 during the pre-European session on Friday. In doing so, the pair keeps the nine-pips range while staying above 200-HMA.

Even so, the MACD turns bearish below a downward sloping trend line from November 05, which in turn lures the EUR/GBP sellers. Though, their fresh entries will look for a clear break of 200-HMA, at 0.8983 now.

During the quote’s weakness past-0.8983, the late Tuesday's high near 0.8940 and the 0.8900 round-figure may please the bears ahead of directing them to the monthly bottom surrounding 0.8860.

Meanwhile, an upside clearance of the resistance line, currently around 0.9010, can quickly attack the weekly high near 0.9050.

However, November 06 peak close to 0.9055 can add filters to the north before refreshing the monthly top near 0.9070.

EUR/GBP hourly chart

Trend: Pullback expected