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Bearish Cycle

EURGBP TECHS
  • RES 4: 0.8704 76.4% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8683 High Jan 2
  • RES 2: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 1: 0.8600/45 High Apr 24 / 23
  • PRICE: 0.8552 @ 16:19 BST May 1
  • SUP 1: 0.8531 Low Apr 30
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

EURGBP traded lower Monday and the cross remains closer to its recent low. The extension down undermines a recent bullish theme and instead highlights potential for a deeper retracement. This has exposed 0.8521, the Apr 17 low. Clearance of this level would signal scope for a move towards the key support at 0.8498/93, the Feb 14 low and Aug 23 2023 low. Key resistance has been defined at 0.8645, the Apr 23 high.

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  • RES 4: 0.8704 76.4% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8683 High Jan 2
  • RES 2: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 1: 0.8600/45 High Apr 24 / 23
  • PRICE: 0.8552 @ 16:19 BST May 1
  • SUP 1: 0.8531 Low Apr 30
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

EURGBP traded lower Monday and the cross remains closer to its recent low. The extension down undermines a recent bullish theme and instead highlights potential for a deeper retracement. This has exposed 0.8521, the Apr 17 low. Clearance of this level would signal scope for a move towards the key support at 0.8498/93, the Feb 14 low and Aug 23 2023 low. Key resistance has been defined at 0.8645, the Apr 23 high.