EUR/GBP Technical Analysis: Euro consolidating gains after bull breakout above 0.8800 figure

EUR/GBP is in a bear trend below the 200-period simple moving average on the 4-hour chart.
Bulls broke above the 0.8800 figure and the 50-period simple moving average. EUR/GBP is pulling back up as the market is trying to form a rounding bottom. The RSI, MACD and Stochastic indicators remain constructive to the upside in the near term. Next resistance is seen near 0.8847 (September 20 low).
However, a bear breakout below 0.8800 can lead to a resumption of the bear trend.

Flavio Tosti Independent Analyst

EUR/GBP 4-hour chart

Spot rate: 0.8820
Relative change: 0.32%
High: 0.8827
Low: 0.8797

Main Trend: Bearish
Short-term trend: Bullish

Resistance 1: 0.8847 September 20 low
Resistance 2: 0.8876 September 11 low
Resistance 3: 0.9000 figure

Support 1: 0.8800 figure
Support 2: 0.8764 June 8 low
Support 3: 0.8700 May low
Support 4: 0.8620 current 2018 low
Support 5: 0.8400 May 2017 low

Author

Flavio Tosti

Independent Analyst

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