EUR/GBP technical analysis: Bulls looking to extend momentum further beyond 0.90 handle

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EUR/GBP technical analysis: Bulls looking to extend momentum further beyond 0.90 handle

  • The cross built on its recent move up and finds acceptance above 100-day SMA.
  • The set-up remains in favor of bullish traders and a move towards 0.9100 handles.

The EUR/GBP cross gained some follow-through traction for the fifth consecutive session and climbed to near one-month tops on Thursday, with bulls looking to build on the momentum further beyond the key 0.90 psychological marks.

The mentioned handle coincides with a resistance marked by 38.2% Fibonacci level of the 0.8489-0.9327 strong positive move, which if cleared would be seen as a key trigger for bullish traders amid persistent Brexit-related uncertainties.

Given the recent bounce from the 61.8% Fibo. level, a follow-through strength beyond 100-day SMA further adds credence to the near-term constructive set-up and support prospects for an extension of the recent appreciating move.

Meanwhile, technical indicators on the daily chart have just started gaining positive traction and further reinforce the constructive outlook. However, oscillators on hourly charts are already flashing slightly overbought conditions and warrant some caution.

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From current levels, the cross seems more likely to aim towards testing an intermediate resistance near the 0.9070-80 horizontal zone en-route the 0.9100 handles and the next major hurdle near the 0.9125-30 region (23.6% Fibo. level).

On the flip side, immediate support is now pegged near the 0.8870 regions, below which the cross might witness some long-unwinding trade and accelerate the slide back towards 50% Fibo. level support near the 0.8900 round-figure marks.

EUR/GBP daily


Today last price 0.9006
Today Daily Change 0.0017
Today Daily Change % 0.19
Today daily open 0.8989
Daily SMA20 0.8882
Daily SMA50 0.9019
Daily SMA100 0.8979
Daily SMA200 0.8832
Previous Daily High 0.8996
Previous Daily Low 0.8938
Previous Weekly High 0.8938
Previous Weekly Low 0.8832
Previous Monthly High 0.915
Previous Monthly Low 0.8786
Daily Fibonacci 38.2% 0.8974
Daily Fibonacci 61.8% 0.896
Daily Pivot Point S1 0.8953
Daily Pivot Point S2 0.8916
Daily Pivot Point S3 0.8894
Daily Pivot Point R1 0.9011
Daily Pivot Point R2 0.9033
Daily Pivot Point R3 0.907
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