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Bearish Focus

EURGBP TECHS
  • RES 4: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 3: 0.8721 High May 26 2021 and Jun 15 / bull trigger
  • RES 2: 0.8627/79 High Jul 4 / High Jul 1
  • RES 1: 0.8541 High Jul 20
  • PRICE: 0.8556 @ 15:57 BST Jul 20
  • SUP 1: 0.8403 Low Jul 13
  • SUP 2: 0.8393 Low May 17 and a key support
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8313 Low Apr 22

EURGBP conditions still appear bearish despite the latest recovery from 0.8403, the Jul 13 low. The cross remains below the 50-day EMA and scope is seen for a deeper retracement with attention on support at 0.8393, the May 17 low. Clearance of this level would strengthen a bearish case. On the upside, initial resistance is seen at 0.8540, the Jul 19 high. A clear breach here is required to signal a possible reversal.

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  • RES 4: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 3: 0.8721 High May 26 2021 and Jun 15 / bull trigger
  • RES 2: 0.8627/79 High Jul 4 / High Jul 1
  • RES 1: 0.8541 High Jul 20
  • PRICE: 0.8556 @ 15:57 BST Jul 20
  • SUP 1: 0.8403 Low Jul 13
  • SUP 2: 0.8393 Low May 17 and a key support
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8313 Low Apr 22

EURGBP conditions still appear bearish despite the latest recovery from 0.8403, the Jul 13 low. The cross remains below the 50-day EMA and scope is seen for a deeper retracement with attention on support at 0.8393, the May 17 low. Clearance of this level would strengthen a bearish case. On the upside, initial resistance is seen at 0.8540, the Jul 19 high. A clear breach here is required to signal a possible reversal.