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Bearish Conditions Reinforced

EURGBP TECHS
  • RES 4: 0.9156 High Dec 22
  • RES 3: 0.9093 High Dec 29
  • RES 2: 0.9085 High Jan 6
  • RES 1: 0.8996 High Jan 12
  • PRICE: 0.8933 @ 06:33 GMT Jan 13
  • SUP 1: 0.8921 Low Jan 12
  • SUP 2: 0.8915 Low Nov 27
  • SUP 3: 0.8867 Low Nov 23 and a key support
  • SUP 4: 0.8866/61 Low Sep 3 / Low Nov 11 and a bear trigger

EURGBP traded lower yesterday and in the process breached support at 0.8932, Dec 31 low. The break reinforces a bearish theme with scope for weakness towards 0.8867, Nov 23 low. Moving average studies are beginning to display a bearish condition reinforcing the current trend direction. On the upside, key short-term resistance has been defined at 0.9085, Jan 6 high. Initial resistance is at 0.8996.

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