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
R1: 0.9016 (200-period SMA H1)
R2: 0.9052 (overnight swing high)
R3: 0.9106 (R2 daily pivot-point)
S1: 0.8990 (horizontal zone)
S2: 0.8956 (overnight swing low)
S3: 0.8924 (50-day SMA)
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