EUR/GBP is bouncing off from 0.8713 low, breaking hourly support at 0.8732 (08/02/2018 low) and heading along the 0.8745 range. EUR/ GBP bearish pattern started in March is maintained. Hourly support and resistance are now given at 0.8708 (21/03/2018 low) and 0.8834 (14/12/2017 high). 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 below its 200 DMA.
