EURGBP is Bullish Above Ascending Trend-Line Support


After yesterday’s sharp intraday slide of nearly 100-pips, the EURGBP is bullish above ascending trend-line support.. However, should traders expect some fresh downward pressure? Let us see!

6 September, OctaFX – Despite yesterday’s sharp intraday slide of nearly 100-pips, the cross managed to defend a short-term ascending trend-line support extending from mid-June. 

EURGBP Bullish Above Ascending Trend-Line Support

Technical indicators on the daily chart have also managed to hold in positive territory and thus, increase prospects for the resumption of the prior appreciating move. 

Only a convincing break below the trend-line support, currently near the 0.8960-50 region, would negate the positive outlook and exert some fresh downward pressure.

EURGBP daily chart

Spot Rate: 0.9002

Daily High: 0.9019

Trend: Bullish above ascending trend-line

Resistance

R1: 0.9016 (200-period SMA H1)

R2: 0.9052 (overnight swing high)

R3: 0.9106 (R2 daily pivot-point)

Support

S1: 0.8990 (horizontal zone)

S2: 0.8956 (overnight swing low)

S3: 0.8924 (50-day SMA)

Disclaimer

This article about EURGBP Bullish Above Ascending Trend-Line 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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