EUR/GBP technical analysis: 0.8842 is the key resistance to break for a continuation up
|- EUR/GBP has seen a very strong recovery in the month of May can the bulls sustain the trend?
- The 0.8842 resistance is for now a tough nut to crack.
EUR/GBP daily
EUR/GBP enjoyed a rather bullish month in May as the market broke to 3-month high and above the 200 simple moving average (SMA).
EUR/GBP is trading in a bullish channel above its main SMAs suggesting a bullish bias in the medium term.
EUR/GBP 30-minute chart
EUR/GBP has been consolidating below 0.8842 resistance in the last four days. In the absence of a sustained break above 0.8842 the market drift lower towards 0.8780, 0.8750 and potentially 0.8720 level. However, if the market break beyond 0.8842 then a move up to 0.8900 figure can be on the cards for bulls.
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