EUR/GBP bearish consolidation phase pauses as the pair bounces back at the 0.88 range, heading along the 0.8810 range. Hourly support at 0.8812 (10/11/2017) is now broken while new hourly support is given at 0.8783 (13/12/2017). Hourly resistance at 0.8982 (28/11/2017 high) is distanced. The technical structure suggests short-term increase.
In the long-term, the pair has largely recovered from 2015 lows. The technical structure suggests further upside pressure. Strong resistance can be found at 0.9500 (psychological level) while support remains at 0.8304 (05/12/2016 low). The pair is trading above its 200 DMA.
