EUR/GBP is trading sideways at the 0.8720 range following recent rise from 0.87005 low. EUR/GBP bearish pattern started in March is maintained. Hourly support and resistance are given at 0.8652 (08/06/2017 low) and 0.8834 (14/12/2017 high). The technical structure suggests short-term sideways trading moves.
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.
