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: 0.8552 @ 15:55 GMT Jan 23
• SUP 1: 0.8547 Low Jan 23 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 traded lower through the Tuesday close. The 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. Price has pierced key support at 0.8549, the Dec 11 low. A firm opens 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.