EUR/GBP Technical Analysis: Set-up favors further near-term up-move post-dismal UK PMI
• For the second straight session, the cross showed some resilience below 100-hour SMA and regained positive traction in reaction to dismal UK services PMI.
• Meanwhile, the recent recovery from eight-month lows has been along a short-term ascending trend-line and support prospects for further near-term up-move.
• Bullish technical indicators on hourly charts add credence to the constructive set-up, though bulls are likely to wait for a move beyond last Friday's swing high.
• A convincing breakthrough the mentioned hurdle is likely to pave the way for an extension of the up-move towards retesting the very important 200-day SMA.
EUR/GBP 1-hourly chart
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EUR/GBP
Overview:
Today Last Price: 0.8773
Today Daily change %: 0.03%
Today Daily Open: 0.877
Trends:
Daily SMA20: 0.8811
Daily SMA50: 0.8907
Daily SMA100: 0.8869
Daily SMA200: 0.8866
Levels:
Previous Daily High: 0.8776
Previous Daily Low: 0.8726
Previous Weekly High: 0.8795
Previous Weekly Low: 0.8636
Previous Monthly High: 0.9119
Previous Monthly Low: 0.8617
Daily Fibonacci 38.2%: 0.8757
Daily Fibonacci 61.8%: 0.8745
Daily Pivot Point S1: 0.8738
Daily Pivot Point S2: 0.8707
Daily Pivot Point S3: 0.8688
Daily Pivot Point R1: 0.8789
Daily Pivot Point R2: 0.8808
Daily Pivot Point R3: 0.8839