EUR/GBP Technical Analysis: Equilibrium between 0.8820-0.8870

  • EUR/GBP has traded for the most part of the week contained in the 0.8820-0.8870 range. 
  • The trend is sideways as buyers and sellers are in almost perfect equilibrium. Support is now once again the 0.8820 level. However, a breakout on either side of the range can happen anytime. 
  • The currency pair might be waiting for a fundamental catalyst, possibly from Brexit-related events.

EUR/GBP 15-minute chart 

Spot rate:                0.8826

Relative change:     0.12%     
High:                       0.8868
Low:                        0.8825

Trend:                     Neutral

Resistance 1:         0.8864-0.8870, weekly 50-period SMA and current weekly high
Resistance 2:         0.8900 figure 
Resistance 3:         0.8967 March 7 high

Support 1:              0.8823-0.8840 area, 200-day SMA and supply level
Support 2:              0.8800 figure
Support 3:              0.8780 daily 50-period SMA
Support 4:              0.8764 June 8 low 

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