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  • Sterling gained about 60 pips against Euro on the back of hawkish comments from the Bank of England.  
  • EUR/GBP is now sitting near the 0.8720 support, June low, and in consolidating the losses made earlier.  
  • The trading range price action stays intact on the EUR/GBP currency cross as bulls are potentially eyeing 0.8760, the daily 50-period simple moving average. However, a strong bear breakout below the 0.8720 support can lead EUR/GBP towards the 0.8620 April 17 swing low.

EUR/GBP 15-minute chart

Spot rate:                0.8749

Relative change:    -0.39%      
High:                       0.8801
Low:                        0.8725

Trend:                     Neutral

Resistance 1           0.8760 daily 50-period SMA
Resistance 2:         0.8800 figure
Resistance 3:         0.8826-0.8840 area, 200-day SMA and last week’s high
Resistance 4:         0.8861 weekly 50-period SMA
Support 1:              0.8720, June low
Support 2:              0.8700 figure
Support 3:              0.8620 April 17 swing low