EUR/GBP Technical Analysis: Euro reaches 4.5-month high

• EUR/GBP reached 0.8872 this Thursday  which is a level not seen since mid-March of this year.  
• EUR/GBP broke out above the 0.8840 level, top of the trading range of the last months. Since EUR/GBP has been ranging for so long it might take a while before the market switches to full bull trend mode as the range might still act as a magnetic pull in the short-term.
• EUR/GBP rejected 0.8868 which is the weekly 50-period simple moving average acting as dynamic resistance.

EUR/GBP 15-minute chart

Spot rate:                0.8844

Relative change:     0.37%      
High:                       0.8872
Low:                        0.8807

Trend:                     Neutral

Resistance 1:         0.8868 weekly 50-period SMA
Resistance 2:          0.8900 figure  
Resistance 3:          0.8967 March 7 high

Support 1:              0.8822-0.8840 area, 200-day SMA and supply level
Support 2:              0.8800 figure
Support 3:              0.8770 daily 50-period SMA      
Support 4:              0.8720, June low