EUR/GBP Technical Analysis: Euro bulls might be back in town on a decisive break above 0.8800 figure

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

EUR/GBP 4-hour chart

Spot rate:                0.8782
Relative change:     0.06%     
High:                       0.8811
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

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