EUR/GBP Technical Analysis: Awaits UK jobs data/Carney to breakthrough a 1-week old trading range

Haresh Menghani FXStreet

• The cross has been oscillating within a broader trading range over the past one-week or so, forming a rectangular chart pattern on the 1-hourly chart.

• With bulls managing to keep the cross above 100-hour SMA, positive short-term technical indicators support prospects for a bullish breakout.

• The BoE Governor Mark Carney and Deputy Governor Jon Cunliffe's testimony followed by the key US jobs data might provide the required momentum to finally break through the trading range.

EUR/GBP 1-hourly chat

Spot rate: 0.8853
Daily Low: 0.8842
Trend: Sideways

Resistance levels
R1: 0.8865 (R1 daily pivot-point)
R2: 0.8902 (over 4-month tops set last Monday)
R3: 0.8935 (horizontal zone)

Support levels
S1: 0.8823 (200-day SMA)
S2: 0.8801 (S2 daily pivot-point)
S3: 0.8787 (100-day SMA)

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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