EUR/GBP has been trading sideways on its 4-hour timeframe.

I’m seeing a small rising channel that’s forming, too!

Do you think that these nearby support levels might still hold?

EUR/GBP 4-hour Forex Chart by TV

This forex pair has been pacing forwards and backwards between support around .8525 and resistance near the .8650 minor psychological mark.

Price is currently hovering around the realm of interest at the center of the range, still deciding where to go next. Technical indicators are giving mixed signals thus far.

The 100 SMA is below the 200 SMA to suggest that there are some bearish vibes in play, EUR/GBP may be in for further declines.

If that’s the case, the pair could dip back to the range support or at the very least until the underside of its short-term rising channel near .8550.

If any of those support levels hold, EUR/GBP could set its sights back on the top quality, which could coincide with the ascending channel resistance.

Stochastic is indicating oversold conditions in spite of everything, so turning higher might mean that euro bulls are able to charge again. Also, the pair appears to be finding some support on the dynamic inflection points on the moving averages.

It’s value noting that the ECB announced a “dovish hike” of their latest policy statement, so there might still be some selling pressure left in play for the shared currency before market players book profits at the top of the week.