“¢ Dismal UK manufacturing data prompted some aggressive GBP selling and helped build on Friday’s rebound from the vicinity of 50-day SMA support.
“¢ Momentum back above 100-day was key for buyers and remained supportive of the latest leg of a sharp upsurge.
“¢ Short-term technical indicators have started moving in positive territory and thus, increase prospects for further appreciation, possibly even beyond the 0.8840 congestion zone.
Spot Rate: 0.8821
Daily Low: 0.8773
Trend: Bullish
Resistance
R1: 0.8839-42 (200-day SMA and May monthly tops)
R2: 0.8870 (horizontal resistance)
R3: 0.8900 (round figure mark)
Support
S1: 0.8788 (100-day SMA))
S2: 0.8759 (Friday’s swing low)
S3: 0.8736 (S2 daily pivot-point)
Share
