EUR/GBP is starting a bearish consolidation and is expected to trade lower, heading along the 0.875 range. EUR/GBP bearish pattern started in March is strengthening. Hourly support and resistance are given at 0.8668 (22/03/2018 low) and 0.8898 (07/02/2018 high). The technical structure suggests short-term sideways price action.
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.
