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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: 0.8554 @ 16:38 GMT Mar 4
  • 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

EURGBP is holding on to its recent gains but remains below 0.8578, the Feb 20 high. Moving average studies continue to highlight a downtrend, however, clearance of 0.8578 would instead highlight a bullish development. For bears, a resumption of weakness would expose support and the bear trigger at 0.8493, Aug 23 low. A break of this level would confirm a continuation of the trend and open 0.8454, a Fibonacci retracement.

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