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Bearish Outlook

EURGBP TECHS
  • RES 4: 0.8783 Trendline resistance drawn from the Feb 3 high
  • RES 3: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 2: 0.8719 High May 23
  • RES 1: 0.8619/58 High Jun 30 / 28 and a short-term bull trigger
  • PRICE: 0.8558 @ 06:07 BST Jul 5
  • SUP 1: 0.8536 Low Jun 23
  • SUP 2: 0.8518 Low Jun 19 and the bear trigger
  • SUP 3: 0.8508 1.0% 10-dma envelope
  • SUP 4: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle

The primary trend direction in EURGBP is down and the recent move lower reinforces a bearish theme. Key near-term resistance has been defined at 0.8658, the Jun 28 high. Clearance of this level would resume the recent uptrend and signal scope for a stronger correction towards 0.8719, the May 23 high. On the downside, the bear trigger lies at 0.8518, where a break would confirm a resumption of the downtrend.

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