EUR/GBP Technical Analysis: Bounces off 7-month lows, descending trend-channel support

08 Nov 2018

   •  Having dropped to over seven-month lows, the cross staged a modest recovery from a support marked by a short-term descending trend-channel. 

   •  Technical indicators on the 1-hourly chart have been gaining positive momentum and remained supportive of the pair's rebound to the trend-channel resistance. 

   •  Meanwhile, technical indicators on 4-hourly and daily charts are still far from recovering from the bearish territory and might hinder any further recovery.

   •  Hence, any subsequent recovery seems more likely to run out of the steam/meet with some fresh supply near the 0.8750 important horizontal resistance.


EUR/GBP 1-hourly chart

EUR/GBP

Overview:
    Last Price: 0.8716
    Daily change: 8.0 pips
    Daily change: 0.0919%
    Daily Open: 0.8708
Trends:
    Daily SMA20: 0.881
    Daily SMA50: 0.8865
    Daily SMA100: 0.8885
    Daily SMA200: 0.8837
Levels:
    Daily High: 0.8748
    Daily Low: 0.8707
    Weekly High: 0.8942
    Weekly Low: 0.8757
    Monthly High: 0.8942
    Monthly Low: 0.8722
    Daily Fibonacci 38.2%: 0.8723
    Daily Fibonacci 61.8%: 0.8733
    Daily Pivot Point S1: 0.8694
    Daily Pivot Point S2: 0.868
    Daily Pivot Point S3: 0.8652
    Daily Pivot Point R1: 0.8735
    Daily Pivot Point R2: 0.8762
    Daily Pivot Point R3: 0.8776

 

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