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 ).

Flavio Tosti Independent Analyst

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

Author

Flavio Tosti

Independent Analyst

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