EURGBP: Re-enters the Ascending Channel
EURGBP adds 0.15% at 0.9083 in an attempt to enter inside the ascending channel. UK government looking to extend the Parliament recess period to 14 October, which means the parliament can’t block a no-deal Brexit.
On the technical analysis side the bulls are in control of EURGBP as the pair trades above all major daily moving averages and as of writing the pair trying to break above the 200 hour moving average which will enhance the short term positive momentum; EURGBP registered a huge rally since May bottoming out around 0.8500 and hitting the high of 0.9323 in August 12th. On the upside, immediate resistance stands at 0.9092 today’s high and 200-hour moving average, while more offers will emerge at the 0.9122 the high from yesterday. On the downside, first support stands at 0.9066 today’s low the 0.9022 yesterday’s low, while the next barrier is at 0.8978 the low from July 29th. Investors holding long positions can sit comfortably as long as the pair trades above 0.90. For those looking to sell EURGBP a break below 0.90 could be the signal for a correction down to 0.8950 zone.