“¢ The cross stalled its rejection slide from the 0.9000 neighborhood and caught some bids on Thursday, snapping three consecutive days of losing streak.
“¢ The positive momentum paused near 50-hour SMA, also nearing a resistance marked by a short-term descending trend-channel on the 1-hourly chart.
“¢ Meanwhile, technical indicators on the mentioned chart are holding in neutral territory and haven’t been supportive of the ongoing positive momentum.
“¢ Hence, it would be prudent to wait for a strong follow-through buying beyond the said resistance before positioning for any further near-term up-move.
EUR/GBP 1-hourly chart
-636736366745918488.png)
Spot Rate: 0.8924
Daily Low: 0.8905
Trend: Bullish only above the trend-channel hurdle
Resistance
R1: 0.8945 (100-period SMA H1)
R2: 0.8969 (R2 daily pivot-point)
R3: 0.8988 (weekly high set on Monday)
Support
S1: 0.8905 (current day swing low)
S2: 0.8874 (S2 daily pivot-point)
S3: 0.8841 (200-day SMA)
Share
