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Bear Threat Remains Present

EURGBP TECHS
  • RES 4: 0.8676 High Jan 3
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8593 High Jan 19
  • RES 1: 0.8578 High Feb 20 and key short-term resistance
  • PRICE: 0.8555 @ 19:25 GMT Feb 26
  • SUP 1: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 2: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 3: 0.8388 Low Aug 17 2023
  • SUP 4: 0.8340 Low Aug 2 2022

A bear cycle in EURGBP remains intact and moving average studies continue to highlight a downtrend. A continuation lower would expose support and the bear trigger at 0.8493, the Aug 23 low. Clearance of this level would confirm a resumption of the trend and open 0.8454, a Fibonacci retracement point. Key short-term resistance has been defined at 0.8578, the Feb 20 high. A break would highlight a short-term bullish development.

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