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Approaching Key Resistance

EURGBP TECHS
  • RES 4: 0.8658 High Sep 29 2021
  • RES 3: 0.8643 High Sep 30 2021
  • RES 2: 0.8619 High May 12 and bull trigger
  • RES 1: 0.8590 Intraday high
  • PRICE: 0.8533 @ 15:36 BST Jun 6
  • SUP 1: 0.8506/8433 20-day EMA / Low May 23
  • SUP 2: 0.8393/ 0.8391 Low May 17 / 61.8% of Apr 14 - May 12 upleg
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8337 76.4% retracement of the Apr 14 - May 12 upleg

EURGBP initially traded higher Monday to deliver a print above resistance at 0..8587, May 24 high, but faded thereafter. This maintains the current bullish theme and attention is on 0.8619, May 12 high and the next hurdle for bulls. Clearance of this level would resume the uptrend that started Mar 7. Initial support is at 0.8506, the 20-day EMA ahead of a firmer short-term at 0.8433, May 23 low. Key short-term support is unchanged at 0.8393, May 17 low and a bear trigger.

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