“¢ The cross struggled to capitalize on last week’s late recovery from multi-month lows and was seen oscillating in a narrow trading band, just below the 0.8700 handle.
“¢ The cross, however, seems to have formed a firm intraday base near 100-hour SMA and the set-up favours prospect for a follow-through short-covering move on Monday.
“¢ Technical indicators on the 1-hourly chart further reinforce the constructive outlook, albeit bearish oscillators on 4-hourly/daily charts might keep a lid on any strong recovery.
“¢ Market participants now look forward to the release of UK construction PMI before placing any aggressive bets and positioning for an extension of the ongoing recovery trend.
EUR/GBP 1-hourly chart
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EUR/GBP
Overview:
Today Last Price: 0.859
Today Daily change %: -0.21%
Today Daily Open: 0.8608
Trends:
Daily SMA20: 0.8714
Daily SMA50: 0.8814
Daily SMA100: 0.8842
Daily SMA200: 0.8859
Levels:
Previous Daily High: 0.8626
Previous Daily Low: 0.857
Previous Weekly High: 0.8702
Previous Weekly Low: 0.8529
Previous Monthly High: 0.8842
Previous Monthly Low: 0.8529
Daily Fibonacci 38.2%: 0.8605
Daily Fibonacci 61.8%: 0.8591
Daily Pivot Point S1: 0.8576
Daily Pivot Point S2: 0.8544
Daily Pivot Point S3: 0.8519
Daily Pivot Point R1: 0.8633
Daily Pivot Point R2: 0.8658
Daily Pivot Point R3: 0.869
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