- After the previous session’s intraday pullback and a subsequent rebound, the EUR/GBP cross regained some positive traction on Wednesday and held steady above the 0.9200 handle.
- The cross on Tuesday rebounded from a support marked by 23.6% Fibo. level of the 0.8892-0.9252 recent upsurge, which should now act as a key pivotal point for short-term traders.
Meanwhile, technical indicators maintained their bullish bias on hourly/daily charts and given the overnight bullish resilience below a short-term ascending trend-line support and 100-hour SMA, clearly suggest some dip-buying interest to emerge on any meaningful corrective slide below the 0.9200 mark.
Hence, it will be prudent to wait for a convincing breakthrough the 23.6% Fibo. level support near mid-0.9100s before confirming that the cross might have already topped out in the near-term and positioning for any further corrective slide towards the 0.9130 intermediate support en-route the 0.9100 handle.
On the flip side, the 0.9225 region now seems to have emerged as an immediate resistance, above which the cross is likely to extend its recent bullish trajectory and seems all set to move towards reclaiming the 0.9300 handle – multi-year tops set in August 2017, with some intermediate resistance near the 0.9250 region.
EUR/GBP 1-hourly chart
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