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Approaching Major Support

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8478 50-day EMA
  • RES 2: 0.8454 20-day EMA
  • RES 1: 0.8419 High Jan 3
  • PRICE: 0.8390 @ 06:39 GMT Jan 4
  • SUP 1: 0.8368 Low Dec 31
  • SUP 2: 0.8356 Low Feb 26, 2020
  • SUP 3: 0.8348 1.0% 10-dma envelope
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger

EURGBP remains acutely weak following last week’s fresh multi-year low print of 0.8368 on Dec 31. The move has resulted in a breach of key support at 0.8381, the Nov 22 low to confirm a resumption of the broader downtrend. This opens the major support and bear trigger at 0.8282/77. Note that the 0.8300 area is the base of a broad multi-year range and marks a major support. Initial resistance is at 0.8419, yesterday’s high.

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