EUR/GBP Technical Analysis: Rebounds to test a descending channel resistance ahead of UK macro data

   •  The cross has been trending lower along a descending trend-channel since the beginning for this week, albeit now seemed showing some resilience below the 0.8700 handle.

   •  The incoming negative Brexit headlines helped the cross to stage a modest rebound from over six-month lows and test the trend-channel hurdle ahead of the UK macro data.

   •  Technical indicators on the 1-hourly chart have been gaining positive momentum and support prospects for an eventual near-term bullish breakthrough the trend-channel hurdle.

   •  A subsequent move beyond 100-hour SMA will add credence to the constructive outlook and mark the end of the recent bearish trend, prompting a near-term short-covering move.

EUR/GBP 1-hourly chart