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Attention Is On Resistance

  • RES 4: 0.8840 High Feb 4
  • RES 3: 0.8791/8857 High Feb 12 / 2.0% 10-dma envelope
  • RES 2: 0.8731 High Feb 26
  • RES 1: 0.8721 High Apr 26 and the bull Trigger
  • PRICE: 0.8676 @ 06:16 BST May 7
  • SUP 1: 0.8624 Low May 5
  • SUP 2: 0.8589 Low Apr 19 and a key support
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP bounced Thursday, countering some of the weakness seen earlier in the week. Attention is on the resistance at 0.8721, Apr 26 high. The recovery from 0.8589, Apr 19 low signals scope for an extension higher and a clear breach of 0.8721 would confirm a resumption of the uptrend that started Apr 4. This would open 0.8731, Feb 26 high and 0.8762, a retracement. Key support is at 0.8589, Apr 19 low. A break would be bearish.

MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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