EUR/GBP Technical Analysis: Bulls need progress soon
|- The EUR/GBP defended the trendline sloping upwards from the June 15 low and July 16 low on Monday, still, it is too early to call a bull reversal as the pair is yet to take out the descending trendline hurdle, as seen in the hourly chart below.
- The downward sloping 50-hour, 100-hour moving average (MA) and the bearish crossover between the 50-hour and 200-hour MA indicates the path of least resistance is to the downside.
- The bulls need progress soon: the falling trendline needs to be breached as quickly as possible as it would signal an end of the pullback from the recent high of 0.9030 and would allow re-test of that level.
- A repeated failure to take out falling trendline could yield a drop to 0.89.
Hourly chart
Spot Rate: 0.8935
Daily High: 0.8944
Daily Low: .8928
Trend: bullish above trendline hurdle
R1: 0.8951 (daily chart pivot resistance 1)
R2: 0.8970 (100-hour moving average)
R3: 0.90 (psychological level)
Support
S1: 0.8928 (support as per the hourly chart)
S2: 0.78913 (Aug. 13 low)
0.89 (psychological level)
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