EUR/GBP still holding important technical support levels for the time being

Yesterday the EUR/GBP fell back again and set a low at 0.8403. That low was right on the 100 day moving average. This technical level has been covered here in all the recent updates on this cross and it has capped the downside on each occasion the Euro has fallen back. The EUR/GBP closed in the US last night at 0.8409. The range seen so far today has been covered by 0.8406 and 0.8419. That 100 day moving average is in place this morning at 0.84058. So, as you can see, that has capped the downside again so far today, with the low being set right on it. Beyond 0.84058 resides the 200 day moving average, which is in place today at 0.83888. The fact that these technical levels continue to cap any downside is all well and good, but the price action is not clearing sufficiently above and away from them to suggest that a base is now in place. So, it looks in the balance again this morning. However, as you can see, the reason why the EUR/GBP keeps stalling on the downside is all due to buyers in place holding the price up for the time being. The EUR/GBP is right now at 0.8413