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Strong Rally

EURGBP TECHS
  • RES 4: 0.8512 High Mar 31
  • RES 3: 0.8476 2.0% 10-dma envelope
  • RES 2: 0.8435 High Apr 4
  • RES 1: 0.8405 High Apr 11 and key near-term resistance
  • PRICE: 0.8402 @ 14:02 BST Apr 22
  • SUP 1: 0.8313/50 Low Apr 22 / Low Apr 14 and key S/T support
  • SUP 2: 0.8203 Low Mar 7 and the bear trigger
  • SUP 3: 0.8144 2.0% 10-dma envelope
  • SUP 4: 0.8117 High Apr 7 2016

EURGBP is holding on to today’s strong gains. The recovery this week is threatening the recent bearish theme. The cross is approaching resistance at 0.8405, the Apr 11 high and a key short-term resistance. Clearance of this level would represent a bullish development and open 0.8435, the Apr 4 high, and above. Today’s intraday low of 0.8313, Apr 22 low, marks the initial support. Ket support lies at 0.8250, Apr 14 low.

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