“¢ Struggles to build on last week’s bullish break through a key horizontal resistance, with the incoming positive UK economic data capping any follow-through up-move
“¢ Short-term technical indicators remain in positive territory and hence, might continue to attract some dip-buying ahead of the very important 200-day SMA.
“¢ A combination of diverging fundamental-technical factors suggests a possible consolidation phase before the next leg of directional move.
Spot Rate: 0.8841
Daily High: 0.8862
Trend: Sideways
Resistance
R1: 0.8869 (overnight swing high)
R2: 0.8891 (3-1/2 month top set on Friday)
R3: 0.8909 (R3 daily pivot-point)
Support
S1: 0.8820 (200-day SMA)
S2: 0.8800 (S3 daily pivot-point)
S3: 0.8781 (last week’s wing low)
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