EUR/GBP Technical Analysis: Euro in a tight range below 0.8800 level as bulls await potential  breakout

• EUR/GBP is in a bear trend below the 100 and 200-period simple moving average.
• The market is trying to create a bottom above the 0.8700 figure as bulls are defending the 50 SMA. The RSI, MACD and Stochastic indicators are ticking up but a breakout above the 0.8800 figure and the bear trendline is what bulls need to open the doors to 0.8900 figure.
• On the flip side, in the absence of the bullish breakout, the market is set to continue to trade down.

EUR/GBP 4-hour chart

Spot rate:                0.8784
Relative change:     0.19%      
High:                       0.8794
Low:                        0.8767

Main Trend:            Bearish

Resistance 1:         0.8800 figure
Resistance 2:         0.8847 September 20 low  
Resistance 3:         0.8876 September 11 low
Resistance 4:         0.9000 figure

Support 1:              0.8764 June 8 low  
Support 2:              0.8722 October low
Support 3:              0.8700 May low
Support 4:              0.8620 current 2018 low
Support 5:              0.8400 May 2017 low