EUR/GBP Technical Analysis: Euro bulls going for a counter-trend move to 0.8800 figure

  • EUR/GBP is trading in a bear trend below the 200-period simple moving average on the 4-hour chart. 
  • EUR/GBP is having a pullback up as the market is attempting to form a rounding bottom. The RSI, MACD and Stochastic are rising and constructive to the upside in the near term. 
  • Resistance can be expected now at 0.8764 (June 8 low) and if broken at the 0.8800 figure where investors will gauge whether to resume the bear trend or letting the bullish pullback extend towards 0.8847 (September 20 low ).

EUR/GBP 4-hour chart

Spot rate:                0.8763
Relative change:     0.37%     
High:                       0.8766
Low:                        0.8729

Main Trend:            Bearish
Short-term trend:    Bullish

Resistance 1:         0.8764 June 8 low 
Resistance 2:         0.8800 figure
Resistance 3:         0.8847 September 20 low 
Resistance 4:         0.8876 September 11 low

Support 1:              0.8700 May low
Support 2:              0.8620 current 2018 low
Support 3:              0.8400 May 2017 low

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