• The EUR/GBP cross continued scaling higher for the tenth consecutive session and is currently placed at near two-month tops, just a few pips below mid-0.8700s.
• Renewed concerns over a no-deal Brexit continued taking its toll on the British Pound and had been one of the key factors fueling the ongoing positive momentum.
A sustained move beyond the 0.8675 supply zone and a subsequent acceptance above the 0.8700 handle - marking 38.2% Fibonacci retracement level of the 0.9119-0.8471 downfall, was seen as a key trigger for bullish traders and a follow-through up-move.
Technical indicators on the daily chart hold in the positive territory and support prospects for an extension of the bullish trajectory towards the 0.8785-90 confluence resistance - comprising of 50% Fibo. level and the very important 200-day SMA.
However, oscillators on the 4-hourly chart are already pointing to highly overbought conditions and hence, bulls are likely to take a breather near the mentioned barrier, rather opt to take some profit off the table after a strong rally of around 250-pips over the past two weeks.
EUR/GBP daily chart
|Today last price||0.8742|
|Today Daily Change||0.0008|
|Today Daily Change %||0.09|
|Today daily open||0.8734|
|Previous Daily High||0.875|
|Previous Daily Low||0.8714|
|Previous Weekly High||0.8649|
|Previous Weekly Low||0.8489|
|Previous Monthly High||0.8685|
|Previous Monthly Low||0.8502|
|Daily Fibonacci 38.2%||0.8737|
|Daily Fibonacci 61.8%||0.8728|
|Daily Pivot Point S1||0.8715|
|Daily Pivot Point S2||0.8696|
|Daily Pivot Point S3||0.8678|
|Daily Pivot Point R1||0.8751|
|Daily Pivot Point R2||0.8769|
|Daily Pivot Point R3||0.8788|
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