“¢ The pair once again failed to decisively break through the 1.3070-80 supply zone as the latest BoE monetary policy statement offered little for bullish traders.
“¢ Concerns over Brexit uncertainty and some risks from global trade tension were largely offset by higher Q3 economic growth outlook, now seen at +0.5% q/q.
“¢ Technical indicators on the daily chart are yet to pick up positive momentum but have managed to hold above neutral zone, with a mildly positive bias.
“¢ This coupled with the fact that the pair has managed to hold comfortably above an ascending trend-line and 100-hour SMA support prospects for a move higher.
Spot Rate: 1.3045
Daily Low: 1.3026
Daily High: 1.3071
Trend: Bullish
Resistance
R1: 1.3071 (current day swing high)
R2: 1.3100 (round figure mark)
R3: 1.3130 (horizontal zone)
Support
S1: 1.3025 (ascending trend-line support)
S2: 1.3000 (100-period SMA H1)
S3: 1.2980 (overnight swing low)
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