EUR/GBP Technical Analysis: Euro bulls grind higher nearing weekly highs in 0.8780 area

• EUR/GBP is evolving in a tight trading range, however, bulls seem to currently have the upper hand as the 50-period SMA and 200-period SMA (15-minute) are about to form a golden cross (potentially bullish).
• If the bulls manage to break the current weekly high at 0.8792 then 0.8811 last week’s high can be on the cards.

EUR/GBP 15-minute chart 

Spot rate:                0.8783
Relative change:     0.36 %     
High:                       0.8787
Low:                        0.8739

Trend:                     Neutral

Support 1:              0.8770 Wednesday’s congestion zone
Support 2:              0.8745 Asian range
Support 3:              0.8723 current weekly low

Resistance 1:         0.8792 current weekly high
Resistance 2:         0.8811 last week’s high
Resistance 3:         0.8844 May 4 high

It is worth noting the triangle formation on the daily time-frame, a breakout above the descending trendline can potentially lead to a strong bull breakout. 

EUR/GBP daily chart