The EURGBP stalled last week’s sharp corrective slide from near one-year tops and managed to defend a short-term descending trend-line support, extending from mid-June. What should traders expect? Find out with the 3 September EURGBP Technical Analysis.
3 September, OctaFX – The cross opened with a bullish gap in wake of the EU chief negotiator Michel Barnier’s Brexit comments over the weekend, opposing the UK PM Theresa May’s latest Brexit proposal.
The cross built on the positive momentum further beyond the key 0.90 psychological mark post-UK manufacturing PMI, coming in to show a larger than expected decline in August.
3 September EURGBP Technical Analysis
Meanwhile, technical indicators on the daily chart have started picking up positive momentum and thus, increase prospects for an extension of the pair’s intraday bullish move.
EURGBP daily chart
Spot Rate: 0.9006
Daily Low: 0.8967
R1: 0.9033 (R3 daily pivot-point)
R2: 0.9075 (horizontal zone)
R3: 0.9100 (round figure mark)
S1: 0.8967 (current day swing low)
S2: 0.8940 (ascending trend-line support)
S3: 0.8908 (S2 daily pivot-point)
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