May 21, 2024 05:21 GMT
Approaching First Support
EURGBP TECHS
- RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8674 1.0% 10-dma envelope
- RES 2: 0.8645 High Apr 23 and the bull trigger
- RES 1: 0.8575/8621 20-day EMA / High May 9
- PRICE: 0.8544 @ 06:20 BST May 21
- SUP 1: 0.8531 Low Apr 30 and a short-term bear trigger
- SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
- SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
EURGBP traded lower last week and the cross has started this week on a bearish note as it continues to weaken. Price has moved below the 20- and 50-day EMAs. This cancels a bullish theme and instead highlights a neutral medium-term trend with the cross trading inside a wide range. The break of Friday’s low signals scope for weakness near-term and exposes 0.8531, the Apr 30 low. Initial resistance is seen at 0.8575, the 20-day EMA.
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