EUR/GBP Technical Analysis: Likely to oscillate in a range after yesterday’s strong run-up

   •  The pair's overnight strong upsurge failed to make it through a confluence resistance - comprising of 100-day SMA and 50% Fibonacci retracement level of the 0.9099-0.8656 recent downfall.

   •  The cross started correcting from 2-1/2 week tops, albeit the downside remained limited and found some support near another confluence region - 200-day SMA and 38.2% Fibonacci retracement level. 

   •  Technical indicators on the daily chart are yet to catch-up with the strong bullish momentum and have been correcting from near-term oversold conditions on the hourly charts.

   •  A combination of diverging indicators suggests that the cross seems more likely to oscillate between the two important moving averages and consolidate overnight strong upsurge.
 

EUR/GBP daily chart