“¢ 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
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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
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