Bear Threat Remains Present

• 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: 0.8605/28 20- and 50-day EMA values
• PRICE: 0.8561 @ 06:06 GMT Jan 23
• SUP 1: 0.8549 Low Dec 11 and the bear trigger
• SUP 2: 0.8524 Low Sep 5
• SUP 3: 0.8493 Low Aug 23 2023 and a key medium-term support
• SUP 4: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase

EURGBP is unchanged. A bear threat remains present and the cross continues to trade closer to its recent lows. Moving average studies are in a bear-mode position highlighting a clear downtrend - for now. Sights are on key support at 0.8549, the Dec 11 low. A break would open 0.8493, the Aug 23 ‘23 low and a key support. The 50-day EMA, at 0.8628, is the initial firm resistance to watch. Clearance of the average would ease bearish pressure.