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Bearish Conditions Remain Intact

EURGBP TECHS
  • RES 4: 0.8886 50-day EMA
  • RES 3: 0.8840 High Feb 4
  • RES 2: 0.8797 High Feb 9
  • RES 1: 0.8739 Low Feb 5
  • PRICE: 0.8698 @ 06:27 GMT Feb 18
  • SUP 1: 0.8680 Low Feb 17
  • SUP 2: 0.8671 Low Apr 30 2020
  • SUP 3: 0.8659 1.0% 10-dma envelope
  • SUP 4: 0.8570 76.4% Feb-Mar 2020 Rally

EURGBP traded lower again Wednesday, hitting new cycle lows of 0.8680. This narrows the gap with the April 2020 lows and firms the current bearish condition. Moving average conditions are also in a bear mode set-up and this continues to highlight the current path of least resistance. The focus is on 0.8671, Apr 30, 2020 low. On the upside, firm resistance is at 0.8797, Feb 9 high. Initial resistance is at 0.8739, Feb 5 low.

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