EUR/GBP Technical Analysis: Euro falls 80 pips after bears fade key 0.8800 resistance level

• EUR/GBP is falling on Friday as it found strong resistance at the 0.8800 handle (multi-day’s top) and the daily 100-period simple moving average. 
• Support is expected in the 0.8730-0.8740 region as it is both last week and Wednesday’s low. Key support is seen at the 0.8700 handle which is the current week’s low and figure. It is worth noting that 0.8700 is also a multi-month support since June 2017.
• The trend is neutral on EUR/GBP which has been trading in a narrow range for the whole month of May, oscillating between the 0.8840 resistance and the 0.8700 support. Traders are advised to adapt their trading strategies to a trading range market environment.

Spot rate:                0.8739
Relative change:   -0.64%     
High:                        0.8811
Low:                         0.8726

Trend:                      Neutral

Support 1:               0.8730-0.8740 region, last week’s low and Wednesday’s low
Support 2:               0.8700 multi-month low and current week’s low
Support 3:               0.8620 April 17 low

Resistance 1:         0.8760, 200-period simple moving averages (4-hour)
Resistance 2:         0.8811 current Friday’s high
Resistance 3:         0.8844 May 4 high