EUR/GBP Technical Analysis: Bulls need progress soon

• The EUR/GBP defended the trendline sloping upwards from the June 15 low and July 16 low on Monday, still, it is too early to call a bull reversal as the pair is yet to take out the descending trendline hurdle, as seen in the hourly chart below.
• The downward sloping 50-hour, 100-hour moving average (MA) and the bearish crossover between the 50-hour and 200-hour MA indicates the path of least resistance is to the downside.
• The bulls need progress soon: the falling trendline needs to be breached as quickly as possible as it would signal an end of the pullback from the recent high of 0.9030 and would allow re-test of that level.
• A repeated failure to take out falling trendline could yield a drop to 0.89.

Hourly chart

Spot Rate: 0.8935

Daily High: 0.8944

Daily Low: .8928

Trend: bullish above trendline hurdle

Resistance

R1: 0.8951 (daily chart pivot resistance 1)

R2: 0.8970 (100-hour moving average)

R3: 0.90 (psychological level)

Support

S1: 0.8928 (support as per the hourly chart)

S2: 0.78913 (Aug. 13 low)

0.89 (psychological level)