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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: 0.8585 High Jul 21
  • PRICE: 0.8499 @ 16:12 BST Jul 22
  • 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, with the cross’ failure to hold an intraday rally the latest sign of the negative outlook. The cross holds 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 0.8627, the May 26 2021 and Jun 15 high. A clear breach here is required to signal a possible reversal.

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