EUR/GBP Price Forecast: Bulls might find resistance above 0.8720

• The Euro appreciates against the Pound, but it might find resistance above 0.8020.
• Easing concerns about France's politics and hawkish comments by ECB officials have boosted the Euro.
• From a wider perspective, the EUR/GBP keeps trading in a choppy manner around 0.8700.,

The Euro received a boost from French PM Sébastien Lecornu's victory in two no-confidence votes on Thursday. The pair bounced up from 0.8665 and retraced Wednesday's losses, aiming for the top of the recent range, in the area of 0.8720-0.8730.

Easing concerns about France's political crisis and some hawkish comments by ECB officials Wunsch and Kochel provided some support to the Euro ahead of the release of the Eurozone HICP due later on Friday.

Technical analysis: Still looking for direction around 0.8700

The EUR/GBP has been trading in a choppy and volatile manner during the last three weeks and remains trapped within a broadly 60-pip range around 0.8700 after retreating from the 0.8750 area in late September.

The broader trend remains positive, but the resistance area between 0.8720 and 0.8730 has limited upside attempts several times over the last three weeks and is highly likely to challenge bulls again.

A clearance of that area exposes the year-to-date high, at 0.8750, further up, the trendline resistance is near 0.8795. Supports are at 0.8660 (October 14, 16 lows) and below here, September 11 and 15 lows at 0.8635, and the August 10 low at the 0.8610 area.