EUR/GBP Price Analysis: Bulls await a sustained move beyond 0.8800 confluence hurdle

EUR/GBP gained traction for the second consecutive session on Friday.
Mixed technical indicators warrant caution for aggressive bullish traders.

Haresh Menghani FXStreet

The EUR/GBP cross climbed to the top end of its weekly trading range, with bulls still awaiting a sustained move beyond the 0.8900 round-figure mark. The mentioned level marks 200-hour EMA and coincides with a near one-month-old descending trend-channel resistance.

Meanwhile, technical indicators on hourly charts have been gaining positive traction and support prospects for additional gains. However, oscillators on the daily chart are still holding deep in the negative territory and warrant some caution for aggressive bullish traders.

Hence, it will be prudent to wait for a sustained move beyond the trend-channel resistance before positioning for any further appreciating move. A convincing breakthrough might trigger a short-covering rally and push the EUR/GBP cross further towards the 0.8835-40 resistance.

The momentum could further get extended towards the 0.8880 supply zone, above which bulls are likely to aim to reclaim the 0.8900 round-figure mark.

On the flip side, the 0.8755 region now seems to have emerged as immediate support ahead of multi-month lows, around the 0.8740-35 zone. Failure to defend the mentioned support levels might drag the EUR/GBP cross to test sub-0.8700 levels, or the trend-channel support.

EUR/GBP 1-hourly chart

Technical levels to watch

EUR/GBP

Overview
Today last price	0.8782
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	0.8781

Trends
Daily SMA20	0.8832
Daily SMA50	0.8951
Daily SMA100	0.8986
Daily SMA200	0.8999

Levels
Previous Daily High	0.8788
Previous Daily Low	0.8753
Previous Weekly High	0.886
Previous Weekly Low	0.8738
Previous Monthly High	0.9085
Previous Monthly Low	0.8812
Daily Fibonacci 38.2%	0.8775
Daily Fibonacci 61.8%	0.8767
Daily Pivot Point S1	0.876
Daily Pivot Point S2	0.8739
Daily Pivot Point S3	0.8725
Daily Pivot Point R1	0.8795
Daily Pivot Point R2	0.8809
Daily Pivot Point R3	0.883

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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