“¢ The bullish up-move led by an upward revision of the UK GDP growth figures stalled near an important confluence resistance, comprising of 50% Fibonacci retracement level of the 1.3315-1.3050 recent fall and 100-hour SMA.
“¢ With technical indicators on the said chart reinforcing today’s bullish move, dip-buying is likely to help the pair to defend the 1.3100 handle, coinciding with 23.6% Fibonacci retracement level, at least for the time being.
“¢ Meanwhile, a descending trend-channel formation on the 4-hourly chart clearly suggests that the near-term bearish trajectory might still be far from over and hence, any subsequent up-move seems more likely to meet with some fresh supply at higher levels.
Spot Rate: 1.3162
Daily Low: 1.3067
Daily High: 1.3183
Trend: short-term bullish
Resistance
R1: 1.3183 (100-period SMA H1)
R2: 1.3200 (round figure mark)
R3: 1.3234 (Thursday’s swing high)
Support
S1: 1.3112 (50-period SMA H1)
S2: 1.3100 (round figure mark)
S3: 1.3065 (horizontal level)
Share
