EUR/GBP Price Analysis: Move beyond mid-0.9000s looks a distinct possibility

• EUR/GBP regains positive traction and moves back closer to monthly tops.
• The set-up support prospects for a further near-term appreciating move.
• Any dips towards 0.9000 mark might still be seen as a buying opportunity.

The EUR/GBP cross reversed an early dip to the key 0.9000 psychological mark and has now moved back closer to monthly tops set on Thursday.

The emergence of some dip-buying earlier this week and a subsequent acceptance above the mentioned level might have already shifted the near-term bias back in favour of bullish traders. The constructive outlook is further supported by the fact that oscillators on 4-hourly/daily charts maintained their bullish bias and are still away from being in the overbought territory.

Hence, a move beyond May monthly swing highs, around the 0.9055 region, now looks a distinct possibility. This should set the stage for bulls to aim to reclaim the 0.9100 round-figure mark.

On the flip side, dips towards the 0.9000 level might still be seen as a buying opportunity, which should help limit any meaningful downside for the cross near the 0.8980 support zone. Failure to defend the mentioned support levels might prompt some long-unwinding trade and accelerate the corrective slide back towards weekly lows support, around the 0.8910 region.

EUR/GBP 4-hourly chart

Technical levels to watch