EUR/GBP Technical Analysis: rebounds sharply from a descending channel support

Updated: 30 May. 2018 | 13:41

“¢ Bears struggled to push it through a short-term descending channel formation on hourly charts.
“¢ Momentum beyond 0.8765 to open room for further gains towards the 0.8800 handle.
“¢ Risks losing bullish momentum only if weakens back below 0.8725 horizontal zone.

EUR/GBP 4-hourly chart

Spot rate: 0.8756
Daily Low: 0.8698
Trend: Bullish

Support 1: 0.8717 (daily pivot point)
Support 2: 0.8698 (one month low)
Support 3: 0.8621 (April 17 low)

Resistance 1: 0.8774 (R3 daily pivot)
Resistance 2: 0.8796 (100-day SMA)
Resistance 3: 0.8857 (200-day SMA)

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