28 August EURGBP Technical Outlook: Pair climbed to over 11-month high level


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

Trend: Bullish

Resistance

R1: 0.9074 (current day swing high)

R2: 0.9100 (round figure mark)

R3: 0.9135 (horizontal zone)

Support

S1: 0.9047 (50-period SMA H1)

S2: 0.9020 (S2 daily pivot-point)

S3: 0.9000 (psychological round figure mark)

Disclaimer

This article about 28 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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