24 August EURGBP Technical Outlook: EURGBP is losing positive momentum


What to expect from EURGBP movements today? This 24 August EURGBP Technical Outlook from OctaFX’s analysts will provide you with necessary guidance. 

24 August, OctaFX – The cross continued gaining positive traction for the seventh trading session in the previous eight and climbed back closer to 10-month tops touched earlier this month.

24 August EURGBP Technical Outlook

The up-move over the past one week or so has mostly been confined within an upward sloping trend-channel, suggesting a continuation of the bullish trajectory. 

However, technical indicators on the 1-hourly chart have started losing positive momentum and could be the only factor keeping a lid on any further up-move. 

Hence, a sustained break back below the key 0.90 psychological mark should prompt some additional long-unwinding trade and drag the cross towards retesting the trend-channel support.

EURGBP 1-hourly chart

Spot Rate: 0.9010

Daily High: 0.9027

Trend: Likely to correct if breaks below the 0.90 handle

Resistance

R1: 0.9031 (10-month high set on Aug. 9)

R2: 0.9057 (R2 daily pivot-point)

R3: 0.9085 (R3 weekly pivot-point)

Support

S1: 0.8985 (ascending trend-channel support)

S2: 0.8960 (200-period SMA H1)

S3: 0.8920 (S3 daily pivot-point)

Disclaimer

This article about 24 August EURGBP Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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