EUR/GBP Technical Analysis: Sterling bulls drive EUR/GBP near 0.8720 post-BoE

Sterling gained about 60 pips against Euro on the back of hawkish comments from the Bank of England.
EUR/GBP is now sitting near the 0.8720 support, June low, and in consolidating the losses made earlier.
The trading range price action stays intact on the EUR/GBP currency cross as bulls are potentially eyeing 0.8760, the daily 50-period simple moving average. However, a strong bear breakout below the 0.8720 support can lead EUR/GBP towards the 0.8620 April 17 swing low.

Flavio Tosti Independent Analyst

EUR/GBP 15-minute chart

Spot rate: 0.8749

Relative change: -0.39%
High: 0.8801
Low: 0.8725

Trend: Neutral

Resistance 1 0.8760 daily 50-period SMA
Resistance 2: 0.8800 figure
Resistance 3: 0.8826-0.8840 area, 200-day SMA and last week’s high
Resistance 4: 0.8861 weekly 50-period SMA

Support 1: 0.8720, June low
Support 2: 0.8700 figure
Support 3: 0.8620 April 17 swing low

Author

Flavio Tosti

Independent Analyst

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