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Bearish Focus

EURGBP TECHS
  • RES 4: 0.8791/8835 High Feb 12 / 2.0% 10-dma envelope
  • RES 3: 0.8731 High Feb 26
  • RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
  • RES 1: 0.8654 50-day EMA
  • PRICE: 0.8611 @ 06:13 BST May 17
  • SUP 1: 0.8561 Low May 12
  • SUP 2: 0.8472 Low Apr 5 and the bear trigger
  • SUP 3: 0.8459 2.0% 10-dma envelope
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP hit new weekly lows last week, printing 0.8561 on May 12 before recovering slightly into the week's close. The move lower has seen the cross move out of its recent range and confirm a bearish breakout. This suggests scope for a deeper pullback, potentially towards the key support at 0.8472, Apr 5 low. On the upside, the key resistance and bull trigger is unchanged at 0.8721, Apr 26 high. Initial resistance is at 0.8654, the 50-day EMA.

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