“¢ The EUR/GBP cross has been oscillating within a downward sloping trend-channel over the past one month.
“¢ Short-term technical indicators have gradually moved into positive territory, supporting a bullish bias.
“¢ A decisive break through the descending trend-channel would add credence to the positive outlook.
“¢ Sustained weakness back below mid-0.8700s would suggest an extension of the near-term range-bound price action.
Spot Rate: 0.8781
Daily High: 0.8788
Trend: Turning bullish
Resistance
R1: 0.8807 (R1 daily pivot-point)
R2: 0.8842 (May monthly swing high)
R3: 0.8849 (200-day SMA)
Support
S1: 0.8751 (50-day SMA)
S2: 0.8712 (horizontal level)
S3: 0.8698 (38.2% Fibonacci retracement level)
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