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.
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
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