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EUR/GBP Price Analysis: Looks to build on momentum beyond 23.6% Fibo./0.9000 mark

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  • EUR/GBP regained traction and recovered a major part of Thursday’s slide to one-month lows.
  • Mixed oscillators on hourly/daily charts warrant caution before placing aggressive bullish bets.

The EUR/GBP cross continued scaling higher through the mid-European session and refreshed daily tops in the last hour. The momentum assisted the cross to recover a major part of the previous session's slide to one-month lows and pushed it beyond 50-hour SMA.

A subsequent move above the 23.6% Fibonacci level of the recent pullback from the 0.9215-20 double-top resistance might have already set the stage for additional gains. Bulls are now looking to build on the momentum further beyond the key 0.9000 psychological mark.

Meanwhile, oscillators have been gaining positive traction on the 1-hourly chart but are yet to confirm a bullish bias on 4-hourly/daily charts. This makes it prudent to wait for some follow-through buying before confirming that the EUR/GBP cross has bottomed out.

The next relevant resistance is pegged near the 0.9030 region, representing 100-hour SMA, which is closely followed by 38.2% Fibo. level. A sustained breakthrough the mentioned hurdles is needed to support prospects for any further appreciating move.

On the flip side, any pullback below 50-hour SMA might now find decent support near the 0.8975 region. Failure to defend the mentioned support level might prompt some fresh technical selling and turn the EUR/GBP cross vulnerable to retest the 0.8940-30 region.

EUR/GBP 1-hourly chart

EUR/GBP Price Analysis: Looks to build on momentum beyond 23.6% Fibo./0.9000 mark

Technical levels to watch

EUR/GBP

Overview
Today last price 0.9001
Today Daily Change 0.0059
Today Daily Change % 0.66
Today daily open 0.8942
Trends
Daily SMA20 0.905
Daily SMA50 0.9008
Daily SMA100 0.9037
Daily SMA200 0.8982
Levels
Previous Daily High 0.8943
Previous Daily Low 0.8932
Previous Weekly High 0.9093
Previous Weekly Low 0.8932
Previous Monthly High 0.923
Previous Monthly Low 0.8929
Daily Fibonacci 38.2% 0.8939
Daily Fibonacci 61.8% 0.8937
Daily Pivot Point S1 0.8935
Daily Pivot Point S2 0.8928
Daily Pivot Point S3 0.8924
Daily Pivot Point R1 0.8946
Daily Pivot Point R2 0.895
Daily Pivot Point R3 0.8956

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