EUR/GBP Technical Analysis: Bulls continue to defend 1-1/2 month old descending trend-line support

  Despite yesterday's sharp intraday slide of nearly 100-pips, the cross managed to defend a short-term ascending trend-line support extending from mid-June. 

   •  Technical indicators on the daily chart have also managed to hold in positive territory and thus, increase prospects for the resumption of the prior appreciating move. 

   •  Only a convincing break below the trend-line support, currently near the 0.8960-50 region, would negate the positive outlook and exert some fresh downward pressure.

EUR/GBP daily chart

Spot Rate: 0.9002
Daily High: 0.9019
Trend: Bullish above ascending trend-line

Resistance
R1: 0.9016 (200-period SMA H1)
R2: 0.9052 (overnight swing high)
R3: 0.9106 (R2 daily pivot-point)

Support
S1: 0.8990 (horizontal zone)
S2: 0.8956 (overnight swing low)
S3: 0.8924 (50-day SMA)

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