EUR/GBP Technical Analysis: Euro bulls marching higher target 0.9000 figure

EUR/GBP resumed its main bullish trend as EUR/GBP broke above Wednesday high and reached the 0.8965 resistance.
The 50 and 100-period simple moving average crossed above the 200 SMA suggesting bullish momentum. Bulls also broke above the bearish trendline on Wednesday.The next objective for bulls is to overcome the 0.8965 resistance in order to reach the 0.9000 figure and 0.9032 current 2018 high.
A bear breakout below 0.8900 would negate the bullish bias.

Flavio Tosti Independent Analyst

EUR/GBP 15-minute chart

Spot rate: 0.8950

Relative change: 0.17%
High: 0.8962
Low: 0.8924

Main Trend: Bullish

Resistance 1: 0.8965 supply/demand level
Resistance 2: 0.9000 figure
Resistance 3: 0.9032 current 2018 high

Support 1: 0.8940 August 14 high
Support 2: 0.8900 July 9 high
Support 3: 0.8868, 13 July high
Support 4: 0.8840 supply level

Author

Flavio Tosti

Independent Analyst

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