EUR/GBP Technical Analysis: Flirts with 9-month old trend-line resistance ahead of UK retail sales
|• The cross traded with a positive bias for the fourth consecutive session and is flirting with a descending trend-line resistance, extending from extending from Oct. 2017 high through Nov. 2017 and March 2018 tops.
• The fact that bulls have managed to keep the cross above short/medium/long-term moving averages (50, 100 & 200-day) support prospects for additional gains.
• With short-term technical indicators holding in positive territory, even the slightest of disappointment from today's release of UK monthly retail sales data would be enough to provide the required momentum and confirm a fresh bullish breakout.
Spot rate: 0.8915
Daily Low: 0.8902
Trend: Bullish
Resistance
R1: 0.8932 (overnight swing high)
R2: 0.8964 (R2 daily pivot-point)
R3: 0.9000 (psychological round figure mark)
Support
S1: 0.8902 (current day swing low)
S2: 0.8876 (S1 daily pivot-point)
S3: 0.8822 (200-day SMA)
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