EUR/GBP Technical Analysis: Rebounds to test a descending channel resistance ahead of UK macro data
|• The cross has been trending lower along a descending trend-channel since the beginning for this week, albeit now seemed showing some resilience below the 0.8700 handle.
• The incoming negative Brexit headlines helped the cross to stage a modest rebound from over six-month lows and test the trend-channel hurdle ahead of the UK macro data.
• Technical indicators on the 1-hourly chart have been gaining positive momentum and support prospects for an eventual near-term bullish breakthrough the trend-channel hurdle.
• A subsequent move beyond 100-hour SMA will add credence to the constructive outlook and mark the end of the recent bearish trend, prompting a near-term short-covering move.
EUR/GBP 1-hourly chart
EUR/GBP
Overview:
Last Price: 0.8712
Daily change: 14 pips
Daily change: 0.161%
Daily Open: 0.8698
Trends:
Daily SMA20: 0.8807
Daily SMA50: 0.886
Daily SMA100: 0.8884
Daily SMA200: 0.8837
Levels:
Daily High: 0.874
Daily Low: 0.869
Weekly High: 0.8942
Weekly Low: 0.8757
Monthly High: 0.8942
Monthly Low: 0.8722
Daily Fibonacci 38.2%: 0.871
Daily Fibonacci 61.8%: 0.8721
Daily Pivot Point S1: 0.8679
Daily Pivot Point S2: 0.866
Daily Pivot Point S3: 0.8629
Daily Pivot Point R1: 0.8729
Daily Pivot Point R2: 0.876
Daily Pivot Point R3: 0.8779
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