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Bearish Outlook

EURGBP TECHS
  • RES 4: 0.8768 High Nov 20
  • RES 3: 0.8715 High Dec 28 and the bull trigger
  • RES 2: 0.8676 High Jan 3
  • RES 1: 0.8638 50-day EMA
  • PRICE: 0.8616 @ 06:22 GMT Jan 17
  • SUP 1: 0.8586 Low Jan 12
  • SUP 2: 0.8571 Low Dec 15
  • SUP 3: 0.8549 Low Dec 11 and the bear trigger
  • SUP 4: 0.8524 Low Sep 5

EURGBP remains in consolidation mode. A short-term bear threat is present and the cross is trading closer to its recent lows. The break of the 50-day EMA earlier this month strengthens a bearish theme and a resumption of the bear cycle would open 0.8571, the Dec 15 low, ahead of key support at 0.8549, the Dec 11 low. Key resistance is unchanged at 0.8715, the Dec 28 high. The 50-day EMA, at 0.8638, is the initial firm resistance to watch.

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