May 23, 2024 18:00 GMT
Approaching Key Support
EURGBP TECHS
- RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8656 1.0% 10-dma envelope
- RES 2: 0.8645 High Apr 23 and the bull trigger
- RES 1: 0.8566/8621 20-day EMA / High May 9
- PRICE: 0.8518 @ 16:08 BST May 23
- SUP 1: 0.8500 Low May 23
- SUP 2: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 4: 0.8408 Low Aug 24 2023
EURGBP remains soft having traded sharply lower on Wednesday’s UK CPI release. The move resulted in a break of support at 0.8531, the Apr 30 low, and confirms an extension of the reversal that started May 9. Sights are on key pivot support at the 0.8500 handle, a level tested on numerous times over the past twelve months. A break would expose 0.8498, the Feb 14 low. Note that a key support and bear trigger lies at 0.8493, the Aug 23 ‘23 low. On the upside, initial firm resistance is at 0.8566, the 20-day EMA.
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