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Back In Its Range

EURGBP TECHS
  • RES 4: 0.8797 High Feb 9
  • RES 3: 0.8735 50-day EMA
  • RES 2: 0.8668/8731 High Mar 3 / High Feb 26 and the S/T bull trigger
  • RES 1: 0.8640 High Mar 16
  • PRICE: 0.8570 @ 06:12 GMT Mar 16
  • SUP 1: 0.8548 Low Mar 11
  • SUP 2: 0.8541 Low Feb 24 and the bear trigger
  • SUP 3: 0.8522 Low Feb 28
  • SUP 4: 0.8496 3.0% Lower Bollinger Band

EURGBP is trading back in its recently established tight range and remains in a consolidation mode. The outlook is bearish. Technical signals still highlight a bearish theme and attention is on 0.8541, Feb 24 low. A break would resume the downtrend and expose 0.8496, a volatility based support area. On the upside, firm S/T resistance is at 0.8731, Feb 26 high. A break would allow for a stronger bounce leaving the 50-day EMA at 0.8735 exposed.

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