EUR/GBP technical analysis: Remains confined in a multi-day trading range above 0.8800 handle

• Every attempted recovery move lacks any strong bullish conviction beyond 200-DMA.
• Bears are likely to wait for a sustained breakthrough the 0.8800 congestions area.

Over the past four trading sessions, the EUR/GBP cross has been consolidating in a range near 61.8% Fibo. level of the 0.8490-0.9324 strong bullish move. The mentioned region coincides with a previous congestion zone and should now act as a key pivotal point for short-term traders.
 
Meanwhile, technical indicators on the daily chart maintained their bearish bias and support prospects for further decline. However, the fact that oscillators remain on the verge of breaking into the oversold territory seemed to be the only factor holding investors from placing aggressive bearish bets.
 
On the other hand, every attempted recovery back above the very important 200-day SMA lacked any strong bullish conviction and clearly indicates that the near-term bearish pressure might still be far from being over amid renewed optimism over the possibilities of a softer Brexit.
 
However, traders are likely to wait for a sustained breakthrough the mentioned support - around the 0.8800 handle - before positioning for any further near-term depreciating move towards the 0.8730-25 region before the cross eventually drops towards testing sub-0.8700 levels.
 
On the flip side, any meaningful move up might now confront some fresh supply, rather fizzle out ahead of the 0.8900 round-figure mark, which coincides with 50% Fibo. level and should keep a lid on the pair's attempted recovery in the near-term.

EUR/GBP daily chart