EUR/GBP technical analysis: Euro pops to 4.5 month high against Sterling

EUR/GBP daily

EUR/GBP broke to a 4.5-month high at 0.8875 but is retracing most of the gains made earlier in the day. 

EUR/GBP 4-hour chart

EUR/GBP is trading in a bullish channel above its main SMAs suggesting a bullish bias in the medium term.

EUR/GBP 30-minute chart

Bulls should keep the market above 0.8842 and then break above 0.8875 in order to keep the bull trend intact. On the flip side, a break below 0.8820 can lead to a drop to 0.8780.  

Additional key levels