EUR/GBP technical analysis: buyers failed to gain traction above the 0.8770 resistance

The Euro struggled to break the 0.8800 resistance area and later declined against the British Pound. The EUR/GBP pair traded below the 0.8780 and 0.8760 support levels to move into a bearish zone.

The pair even traded below the 0.8750 level and the 50 hourly simple moving average. A low was formed at 0.8743 on FXOpen and later the pair started a solid upside correction above 0.8760.

There was a break above the 50% Fib retracement level of the last decline from the 0.8792 high to 0.8743 low. However, buyers failed to gain traction above the 0.8770 resistance and the 50 hourly SMA.

Overall, it seems like the EUR/GBP pair could continue to decline as long as it is trading below 0.8770 and 0.8790. On the downside, the key supports are 0.8750 and 0.8725. If there is an upside break, buyers might look for more gains above 0.8800 in the near term.