EUR/GBP Technical Analysis: Euro bulls on a counter-trend move up to 0.8800 target

  • EUR/GBP is trading in a bear trend below the 200-period simple moving average on the 4-hour chart. 
  • EUR/GBP is currently in a pullback up as the market is attempting to form a rounding bottom. The RSI, MACD and Stochastic indicators are rising and constructive to the upside in the near term. 
  • Resistance can be expected at the 0.8800 figure where investors will decide 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:                0.8788
Relative change:     0.33%     
High:                       0.8790
Low:                        0.8745

Main Trend:            Bearish
Short-term trend:    Bullish

Resistance 1:         0.8800 figure
Resistance 2:         0.8847 September 20 low 
Resistance 3:         0.8876 September 11 low

Support 1:              0.8764 June 8 low 
Support 2:              0.8700 May low
Support 3:              0.8620 current 2018 low
Support 4:              0.8400 May 2017 low

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