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Bear Threat Remains Present

EURGBP TECHS
  • RES 4: 0.9292 High Sep 11 2020
  • RES 3: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 2: 0.8980 High Sep 29
  • RES 1: 0.8781/8867 High Oct 21 / 12
  • PRICE: 0.8630 @ 06:22 BST Oct 28
  • SUP 1: 0.8609 Low Oct 27
  • SUP 2: 0.8559 76.4% retracement of the Aug 2 - Sep 26 rally
  • SUP 3: 0.8522 Low Aug 30
  • SUP 4: 0.8471 Low Aug 28

EURGBP traded lower Thursday and a short-term bear threat remains present. The strong reversal from 0.9266, Sep 26 high, has resulted in the break of a number of key short-term support levels and this suggests scope for an extension lower near-term with sights on 0.8559 next, a Fibonacci retracement. Key short-term resistance has been defined at 0.8867, the Oct 12 high, where a break would reinstate a bullish theme.

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