EUR/GBP Technical Analysis: Retreats farther from over 4-month peak set on Friday
|• The pair's early uptick met with some fresh supply near 50-hour SMA, with bears now looking to extend last week's retracement slide from over four-month tops.
• Short-term technical indicators are gradually picking up negative momentum and a follow-through weakness below 100-hour SMA will reinforce prospects for additional weakness.
• Only a sustained move beyond daily swing high might negate the negative outlook and pave the way for the resumption of the prior appreciating move.
Spot rate: 0.8920
Daily High: 0.8936
Trend: Short-term bearish
Resistance
R1: 0.8636 (current day swing high)
R2: 0.8975 (R2 daily pivot-point)
R3: 0.9000 (psychological round figure mark)
Support
S1: 0.8910 (S1 daily pivot-point)
S2: 0.8874 (last Thursday's swing low)
S3: 0.8820 (200-day SMA)
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