EURGBP Price Analysis: Consolidation above 0.8700 with upside attempts capped below 0.8745

The euro is trading in a range between 0.8700 and 0.8740.
The pair has eased bearish pressure after breaking downtrend resistance from late-September highs.

The euro has found support at 0.8700 after Monday’s rejection at 0.8790 and the pair has remained consolidating for most of the day, with upside attempts limited below 0.8745.

From a wider perspective, the daily chart (in the image) shows the pair hesitating above the bearish trendline resistance from late-September lows, now around 0.8540, with the 20-day SMA, at 0.8690 acting as support.

On the upside, the pair should breach the intra-day level at 0.8740 to resume the upside trend from late-December lows at 0.8575, and aim for the October 12 high at 0.8865 on its way to the 0.9000 psychological level.

So far, the mentioned 20-day SMA at 0.8690 is holding bears, with the next potential targets on the downside at the 0.8645 trendline and then probably the 100-day SMA, at 0.8600.