• EUR/GBP takes the bids to refresh intraday high.
• Bulls piece seven-week-old descending trend line, 200-SMA amid firmer oscillators.
• Monthly horizontal support restricts immediate downside, 61.8% Fibonacci retracement adds to the upside filters.

EUR/GBP bulls pierce the 0.8460 resistance confluence while extending the previous day’s rebound during early Thursday morning in Europe.

That said, a convergence of the 200-SMA and a downward sloping trend line from July 01 highlights the 0.8460 level as the key hurdle for buyers.

Given the bullish MACD signals and recently firmer RSI, coupled with the sustained trading beyond the monthly horizontal support area near the 0.8400 round figure, the EUR/GBP buyers are likely to keep the reins.

With this, the upside momentum currently aims for the monthly high, marked in the last week at around 0.8495.

Following that, the 61.8% Fibonacci retracement of the July-August downside, around 0.8550, could act as an intermediate halt during the likely run-up towards the July 21 peak of 0.8585.

On the flip side, pullback moves remain elusive until staying beyond the aforementioned horizontal support near 0.8400.

Even if the EUR/GBP/ bears manage to conquer the 0.8400 support, multiple levels surrounding 0.8345-40 could challenge the quote’s further downside before directing the prices towards the 0.8300 round figure.

EUR/GBP: Four-hour chart

Trend: Further upside expected