Staying below is more bearish.
The EURGBP is hanging below the 200 hour MA at 0.8765. The thing is, it is not running back to the downside. It is just hanging below the MA level.
Sellers have an upper hand as a result, but the tide can turn on a break back above too.
The GBPUSD is testing the 100 hour MA (see the chart below). Admittedly, it take two pairs to tango (i.e. the EURUSD and the GBPUSD), when looking at a cross currency pair like the EURGBP.
However, if the GBPUSD holds the 100 hour MA (blue line), that should keep the lid on the EURGBP too. So be aware.
