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Bullish Outlook

EURGBP TECHS
  • RES 4: 0.8852 50.0% retracement of the Mar ‘20 - Mar ‘22 bear leg
  • RES 3: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 2: 0.8721 High May 26 2021 and Jun 15 / bull trigger
  • RES 1: 0.8641 High Jun 23
  • PRICE: 0.8585 @ 15:39 BST Jun 23
  • SUP 1: 0.8557 20-day EMA
  • SUP 2: 0.8503 50-day EMA
  • SUP 3: 0.8433 Low May 23
  • SUP 4: 0.8393 Low May 17 and a key support

Recent weakness in EURGBP is considered corrective and the outlook remains bullish. Moving average studies are in a bull mode and this clearly highlights a positive trend outlook. The recent breach of resistance at 0.8619, May 12 high, confirmed a resumption of the uptrend and the focus is on a retest of 0.8721, the Jun 15 high and bull trigger. A break would resume the trend. Firm support is seen at 0.8503, the 50-day EMA.

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  • RES 4: 0.8852 50.0% retracement of the Mar ‘20 - Mar ‘22 bear leg
  • RES 3: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 2: 0.8721 High May 26 2021 and Jun 15 / bull trigger
  • RES 1: 0.8641 High Jun 23
  • PRICE: 0.8585 @ 15:39 BST Jun 23
  • SUP 1: 0.8557 20-day EMA
  • SUP 2: 0.8503 50-day EMA
  • SUP 3: 0.8433 Low May 23
  • SUP 4: 0.8393 Low May 17 and a key support

Recent weakness in EURGBP is considered corrective and the outlook remains bullish. Moving average studies are in a bull mode and this clearly highlights a positive trend outlook. The recent breach of resistance at 0.8619, May 12 high, confirmed a resumption of the uptrend and the focus is on a retest of 0.8721, the Jun 15 high and bull trigger. A break would resume the trend. Firm support is seen at 0.8503, the 50-day EMA.