3 September EURGBP Technical Analysis: Pair extends positive momemtum beyond 0.90 handle


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

Trend: Bullish

Resistance

R1: 0.9033 (R3 daily pivot-point)

R2: 0.9075 (horizontal zone)

R3: 0.9100 (round figure mark)

Support

S1: 0.8967 (current day swing low)

S2: 0.8940 (ascending trend-line support)

S3: 0.8908 (S2 daily pivot-point)

Disclaimer

This article about 3 September EURGBP Technical Analysis 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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