The EURGBP continued gaining positive traction for the fifth consecutive session on Tuesday and climbed to over 11-month high level of 0.9074 in the last hour. Should traders expect an extension of the bullish momentum? Find out in this 28 August EURGBP Technical Outlook.
28 August, OctaFX – The up-move had been alongside an upward sloping trend-channel formation on the 1-hourly chart, indicating a well-established bullish trend.
28 August EURGBP Technical Outlook
Technical indicators on the mentioned chart have maintained a positive bias and reinforce prospects for an extension of the bullish momentum.
Only a sustained weakness back below the 0.9050-40 region might prompt some long-unwinding trade and trigger a near-term corrective slide.
EURGBP 1-hourly chart
Spot Rate: 0.9064
Daily High: 0.9074
Daily Low: 0.9051
R1: 0.9074 (current day swing high)
R2: 0.9100 (round figure mark)
R3: 0.9135 (horizontal zone)
S1: 0.9047 (50-period SMA H1)
S2: 0.9020 (S2 daily pivot-point)
S3: 0.9000 (psychological round figure mark)
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