• EUR/GBP extends pullback from key hurdle as MACD teases sellers.
• Weekly support line challenges further downside, bulls to aim monthly high on trend line breakout.

EUR/GBP remains pressured around 0.8595, down 0.05% intraday, amid Wednesday’s Asian session. The cross-currency pair marked another U-turn from the one-month-old resistance line the previous day, also dropping back below the 200-SMA.

Given the downbeat MACD histogram, the quote may extend the latest pullback towards a support trend line from June 24, near 0.8588, breaking which the EUR/GBP bears will brace for the monthly low near 0.8530.

During the fall, the early June lows surrounding 0.8570-65 may offer intermediate halts.

Alternatively, 200-SMA near the 0.8600 threshold and the stated resistance line from late May, around 0.8610, guard the pair’s short-term recoveries.

Should EUR/GBP bulls manage to cross the 0.8610 hurdle, the monthly peak near 0.8645 will be in the spotlight.

To sum up, the pair remains depressed below the monthly resistance line but immediate support may test the sellers.

EUR/GBP FOUR-HOUR CHART