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Trading news
1 Jun 2018
EUR/GBP Technical Analysis: fails to confirm a bullish breakthrough a descending channel
• Bulls struggled to sustain above 0.8800 mark after upbeat UK manufacturing PMI.
• Fresh selling could drag it back towards 50-period SMA support on 4-hourly charts.
• A follow-through weakness might again expose descending trend-channel support.
EUR/GBP 4-hourly chart
Spot rate: 0.8786
Daily High: 0.8809
Trend: Turning bearish again
Support 1: 0.8760 (50-period SMA H4)
Support 2: 0.8721 (S3 daily pivot-point)
Support 3: 0.8698 (weekly/1-month low)
Resistance 1: 0.8809 (daily swing high)
Resistance 2: 0.8830 (R2 daily pivot point)
Resistance 3: 0.8842 (May 4th/monthly high)