• EUR/GBP rises past the 50-day SMA of 0.8359, setting sights on the 0.8400 resistance.
• If breached, next key levels include the 100-day SMA at 0.8413, October 31 high of 0.8448.
• Downside risks remain; a dip below 0.8359 could see consolidation or a retest of the 0.8260 level.

The EUR/GBP extended its gains for the fourth straight day, edged up above the 50-day Simpl Moving Average (SMA), and was exchanging hands at 0.8373 at the time of writing.

EUR/GBP Price Forecast: Technical outlook

After hitting a year-to-date (YTD) low of 0.8260, the EUR/GBP has climbed past the 0.8300 figure, cleared on its way the 50-day Simple Moving Average (SMA) of 0.8359 and paving the way for a test of 0.8400. A breach of the latter will expose the 100-day SMA at 0.8413, followed by the October 31 swing high of 0.8448.

Conversely, if EUR/GBP slips beneath the 50-day SMA at 0.8359, the pair might consolidate within the 0.8300-0.8359 area unless sellers drive the exchange rate below the bottom of the range, which would open the door to test 0.8260.