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Bear Threat Remains Present

EURGBP TECHS
  • RES 4: 0.8768 High Nov 20
  • RES 3: 0.8715 High Dec 28 and the bull trigger
  • RES 2: 0.8676 High Jan 3
  • RES 1: 0.8644 50-day EMA
  • PRICE: 0.8616 @ 16:26 GMT Jan 11
  • SUP 1: 0.8587 Low Jan 09
  • SUP 2: 0.8571 Low Dec 15
  • SUP 3: 0.8549 Low Dec 11 and the bear trigger
  • SUP 4: 0.8524 Low Sep 5

EURGBP maintains a short-term bearish tone and the latest recovery appears to be a correction. The recent break of the 50-day EMA strengthens a bearish theme and an extension lower would open 0.8571, the Dec 15 low, ahead of key support at 0.8549, the Dec 11 low. On the upside, key resistance has been defined at 0.8715, the Dec 28 high. The 50-day EMA, at 0.8644, is the initial firm resistance to watch.

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