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
R1: 0.9031 (10-month high set on Aug. 9)
R2: 0.9057 (R2 daily pivot-point)
R3: 0.9085 (R3 weekly pivot-point)
S1: 0.8985 (ascending trend-channel support)
S2: 0.8960 (200-period SMA H1)
S3: 0.8920 (S3 daily pivot-point)
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