EUR/GBP Technical Analysis: Sticking to the 0.8900 level

  • EUR/GBP main bull trend is currently on hold as bulls are supporting the market near the 0.8900 figure. 
  • EUR/GBP is consolidating the recent losses below its 50, 100 and 200-period simple moving averages which is quite bearish, however, the RSI, MACD and Stochastics indicators are trending upward. Both bears and bulls have a valid case and a breakout in either direction will confirm the directional bias for the coming sessions.
  • However, bulls have the longer-term trend on their side and buyers might step in one more time in order to try to revive the uptrend. 

EUR/GBP 4-hour chart

Spot rate:                0.8910
Relative change:     -0.10%     
High:                       0.8935
Low:                        0.8896

Main Trend:            Bullish

Resistance 1:         0.8940 August 14 high
Resistance 2:         0.8974 September 6 low
Resistance 3:         0.9000 figure

Support 1:              0.8896 August 14 swing low
Support 2:              0.8876 September 11 low
Support 3:              0.8840 supply level

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