- EUR/GBP built on its goodish intraday positive move and shot to near two-week tops.
- The technical set-up favours bullish traders and supports prospects for additional gains.
The EUR/GBP cross added to its intraday gains and climbed further beyond the 0.9100 round-figure mark, hitting near two-week tops in the last hour.
Given that the cross has been showing some resilience below 100-day SMA, sustained move beyond a one-month-old descending channel seemed to have prompted some technical buying. The near-term bullish breakout is further reinforced by the fact that technical indicators on the daily chart have just started gaining positive momentum.
The set-up might have already shifted back in favour of bullish traders and momentum seems strong enough to push the pair back towards monthly swing highs, around the 0.9160 region. Some follow-through buying has the potential to lift the EUR/GBP cross further beyond the 0.9200 round-figure mark, towards the 0.9220 resistance zone.
On the flip side, any pullback from higher levels might now be seen as a buying opportunity and remain limited near the 0.9100-0.9090 region. That said, failure to defend the mentioned support might turn the EUR/GBP cross vulnerable to slide back to challenge 100-day SMA support, currently near the 0.9040 region, en-route the key 0.9000 psychological mark.
EUR/GBP daily chart
Technical levels to watch
|Today last price||0.9125|
|Today Daily Change||0.0033|
|Today Daily Change %||0.36|
|Today daily open||0.9092|
|Previous Daily High||0.9098|
|Previous Daily Low||0.9022|
|Previous Weekly High||0.9122|
|Previous Weekly Low||0.9007|
|Previous Monthly High||0.9292|
|Previous Monthly Low||0.8866|
|Daily Fibonacci 38.2%||0.9069|
|Daily Fibonacci 61.8%||0.9051|
|Daily Pivot Point S1||0.9043|
|Daily Pivot Point S2||0.8995|
|Daily Pivot Point S3||0.8968|
|Daily Pivot Point R1||0.9119|
|Daily Pivot Point R2||0.9146|
|Daily Pivot Point R3||0.9194|
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