- EUR/GBP advances for a third straight day on Wednesday.
- The set-up indicates more upside to come
- Any dip below the 0.9100 considered a buying opportunity.
The EUR/GBP is extending gains for a third session trading around the weekly high at 0.9120-25 region, a confluence of resistance. If EUR/GBP breaks through this level more buyers could jump in.
The confluence comprises of the top end of the month-old descending trend-channel, the 100 SMA on the 4-hour chart and the 38.2% Fibonacci level of the 0.9292-0.9025 decline. A meaningful move past this level will be a bullish signal.
Technical indicators on the daily chart held a bullish bias and are turning positive on the 4-hourly chart. This is a bullish set up.
The EUR/GBP could target0.9155 resistance and move towards 0.9200 Any follow through could see the pair advance to 0.9255-60 (daily closing high September 11th) September swing highs, 0.9290.
Support can be seen at 0.9100-0.9095 A fall could be considered a buying opportunity, potentially capping losses at 0.9060-50. A breakthrough below these levels negates the uptrend and bears could take back control.
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