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   “¢   Having dropped to over seven-month lows, the cross staged a modest recovery from a support marked by a short-term descending trend-channel.  

   “¢   Technical indicators on the 1-hourly chart have been gaining positive momentum and remained supportive of the pair’s rebound to the trend-channel resistance.  

   “¢   Meanwhile, technical indicators on 4-hourly and daily charts are still far from recovering from the bearish territory and might hinder any further recovery.

   “¢   Hence, any subsequent recovery seems more likely to run out of the steam/meet with some fresh supply near the 0.8750 important horizontal resistance.


EUR/GBP 1-hourly chart

EUR/GBP

Overview:
       Last Price:  0.8716
       Daily change:  8.0  pips
       Daily change:  0.0919%
       Daily Open:  0.8708
Trends:
       Daily SMA20:  0.881
       Daily SMA50:  0.8865
       Daily SMA100:  0.8885
       Daily SMA200:  0.8837
Levels:
       Daily High:  0.8748
       Daily Low:  0.8707
       Weekly High:  0.8942
       Weekly Low:  0.8757
       Monthly High:  0.8942
       Monthly Low:  0.8722
       Daily Fibonacci 38.2%:  0.8723
       Daily Fibonacci 61.8%:  0.8733
       Daily Pivot Point S1:  0.8694
       Daily Pivot Point S2:  0.868
       Daily Pivot Point S3:  0.8652
       Daily Pivot Point R1:  0.8735
       Daily Pivot Point R2:  0.8762
       Daily Pivot Point R3:  0.8776