EUR/GBP Technical Analysis: Intraday slide stalls ahead of 200-hour SMA/ascending trend-line confluence support

   •  The cross struggled to build on overnight goodish up-move beyond the very important 200-day SMA, or over two-week tops, and now seems to have snapped three consecutive days of winning streak.

   •  Despite the prevalent bearish pressure, the downslide abated ahead of an important confluence support, comprising of a short-term ascending trend-line and 200-hour SMA.

   •  With technical indicators on 1-hourly/daily chart holding in bearish territory, a convincing break below the mentioned support would suggest that the recent corrective bounce might have already run out of steam.

   •  However, a sustained move back above 200-day SMA might negate any near-term bearish bias and pave the way for an extension of the recovery move from near four-month lows, touched earlier this month.
 

EUR/GBP 1-hourly chart