EUR/GBP Technical Analysis: Euro bulls challenging the 0.8800 level

EUR/GBP is evolving in a bull channel but has found resistance at the 0.8800 figure.
A breakout above the 0.8800 level should lead to a test of the 0.8826-0.8840 area which is the daily 200-period simple moving average (SMA) and last week’s high.
However, if the market repeatedly fails at the 0.8800 level, it is reasonable to expect a rotation down towards 0.8759, the daily 50-period SMA.

Flavio Tosti Independent Analyst

EUR/GBP 15-minute chart

Spot rate: 0.8787

Relative change: -0.11%
High: 0.8803
Low: 0.8768

Trend: Neutral

Resistance 1: 0.8800 figure
Resistance 2: 0.8826-0.8840 area, 200-day SMA and last week’s high
Resistance 3: 0.8861 weekly 50-period SMA

Support 1: 0.8759 daily 50-period SMA
Support 2: 0.8723, 5 June low
Support 3: 0.8700 figure

Author

Flavio Tosti

Independent Analyst

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