EUR/GBP Price Analysis: Struggles near 1-month lows, just above 0.8700 mark

• EUR/GBP remains depressed through the early North-American session.
• The near-term technical set-up remains tilted in favour of bearish trades.

The EUR/GBP cross struggled to capitalize on its attempted recovery move from sub-0.8700 levels and remained well within the striking distance of five-week lows set earlier.

The intraday uptick faltered near an important confluence support break-point, comprising of 61.8% Fibonacci of 0.8282-0.9500 upsurge and the very important 200-day SMA.

The pair's inability to register any meaningful recovery suggests that the near-term bearish pressure might still be far from over and supports prospects for further depreciating move.

Meanwhile, technical indicators on daily charts maintained their bearish bias and are still far from being in the oversold zone, which adds credence to the near-term negative outlook.

Some follow-through weakness below the 0.8700 round-figure mark would set the stage for a slide towards mid-0.8600s en-route the next major support near the 0.8620 region.

On the flip side, any attempted recovery might continue to confront some supply near the mentioned support break-point, which if cleared might trigger some short-covering move.

However, any subsequent recovery seems more likely to run out of the steam and remain capped near the 0.8800 mark, which is closely followed by the 0.8820 horizontal resistance.

EUR/GBP daily chart

Technical levels to watch