EUR/GBP Technical Analysis: Establishing a firm base around 100-hour SMA
|• The cross traded with a mild positive bias for the fourth consecutive session, albeit remained confined within this week's broader trading range.
• The cross is now trying to establish a firm base above the 100-hour SMA and technical indicators on the 1-hourly chart have also started gaining positive momentum.
• Moreover, a rectangular chart pattern formation, just above six-week lows, further indicates that the cross might have already bottomed out in the near-term.
• However, it would be prudent to wait for a convincing break out of the mentioned trading range before positioning for the pair's next leg of directional move.
Spot Rate: 0.8923
Daily Low: 0.8910
Trend: Bullish above 0.8940
Resistance
R1: 0.8937 (R1 daily pivot-point)
R2: 0.8957 (weekly high set on Monday)
R3: 0.8984 (100-period SMA H4)
Support
S1: 0.8900 (round figure mark)
S2: 0.8876 (near six-week low set on Tuesday)
S3: 0.8836 (200-day SMA)
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