The EURGBP has seen a move below the 100 and 200 day MAs today as investors shun the currency. The concerns about gas supplies for the winter have investors moving out of Europe. The EU passed a watered down conservation plan that called for EU countries to cut gas use by 15% from August through to March next year.
Looking at the hourly chart, the price tumbled below the 100 day moving average at 0.84653 in the Europe morning session. More recently, the 200 day moving average at 0.84417 has also been broken.
Back on July 13, the price based against the 200 day MA before moving higher. From July 7 to July 11, there were other tests of the MA where buyers tried to stay above. The price did break below the 200 day MA on July 12 and again on July 13, but momentum could not keep the price below. Falling below today is a shift more to the bears. Stay below is close risk now.
Of note looking back to yesterday, the pair saw increase him 'd selling after yesterdays move back below its 200 hour moving average (higher green line in the chart above - currently at 0.84981)). Today's high price stalled comfortably below that moving average before the last 7 or so hours of continuous selling. The pair is making a new low as I type at 0.8420. The low price from July reached down to 0.84026 and would be the next target. Close risk is the 200 day moving average.