“¢ The cross extended its intraday retracement slide from the key 0.9000 psychological mark and dropped to over three-week lows in the last hour.
“¢ The British Pound’s relative outperformance could be attributed to the latest comments by the EU’s Barnier, saying that they are open to discussing other backstops with regards to the Irish border.
“¢ The cross has now finally broken through a short-term ascending trend-line support, extending from mid-June, and RSI (14) on the daily chart has also started gaining negative momentum.
“¢ The set-up now seems to suggest that the cross might have already topped out in the near-term and is now set to extend the ongoing corrective slide from near one-year high set late-August.
EUR/GBP daily chart
Spot Rate: 0.8931
Daily High: 0.9007
Trend: Bearish
Resistance
R1: 0.8958 (ascending trend-line support break-point)
R2: 0.8985 (horizontal zone)
R3: 0.9007 (current day swing high)
Support
S1: 0.8900 (round figure mark)
S2: 0.8883 (horizontal zone)
S3: 0.8855 (early August swing low)
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