EUR/GBP Price Analysis: Bulls stay hopeful unless breaking 0.8565

• EUR/GBP picks up bids to consolidate recent losses around seven-week top.
• Successful bounce off 61.8% Fibonacci retracement, rising channel and firmer RSI favor bulls.
• Bears need to conquer 100-SMA, channel support convergence for fresh entry.

EUR/GBP prints a three-day uptrend while picking up bids to 0.8594 during Wednesday’s Asian session. The cross-currency pair jumped to the highest since July 21 before stepping back from 0.8613.

Even so, the quote remains above 61.8% Fibonacci retracement of July–August downside, as well as stay inside a 12-day-old rising channel, amid upbeat RSI conditions.

With this, the pair buyers remain hopeful to revisit the stated channel’s resistance line near 0.8610.

However, any further upside will have to cross the 0.8625 hurdle to challenge the July month’s peak surrounding 0.8670.

Meanwhile, the key Fibonacci retracement support near 0.8585 restricts short-term pullback moves ahead of highlighting a convergence of 100-SMA and lower line of the channel near 0.8565.

Should EUR/GBP prices drop below 0.8565, bears need validation from the early August top surrounding 0.8558 and August 17 high of 0.8536 before targeting the 23.6% Fibonacci retracement level close to the 0.8500 threshold.

EUR/GBP: Four-hour chart

Trend: Further upside expected