EUR/GBP Technical Analysis: Euro in a tight range below 0.8800 level as bulls await potential breakout

EUR/GBP is in a bear trend below the 100 and 200-period simple moving average.
The market is trying to create a bottom above the 0.8700 figure as bulls are defending the 50 SMA. The RSI, MACD and Stochastic indicators are ticking up but a breakout above the 0.8800 figure and the bear trendline is what bulls need to open the doors to 0.8900 figure.
On the flip side, in the absence of the bullish breakout, the market is set to continue to trade down.

Flavio Tosti Independent Analyst

EUR/GBP 4-hour chart

Spot rate: 0.8784
Relative change: 0.19%
High: 0.8794
Low: 0.8767

Main Trend: Bearish

Resistance 1: 0.8800 figure
Resistance 2: 0.8847 September 20 low
Resistance 3: 0.8876 September 11 low
Resistance 4: 0.9000 figure

Support 1: 0.8764 June 8 low
Support 2: 0.8722 October 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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