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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: 0.8596/22 20- and 50-day EMA values
  • PRICE: 0.8534 @ 16:41 GMT Jan 25
  • SUP 1: 0.8521 Low Jan 25
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8487 1.0% 10-dma envelope
  • SUP 4: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase

EURGBP traded lower again Thursday, extending the recent run of losses. The cross has cleanly broken support at 0.8549, the Dec 11 low, and a bear threat remains present. Moving average studies are in a bear-mode position too, highlighting a clear downtrend. The firm break of 0.8549 strengthens the current condition and opens 0.8493, Aug 23 ‘23 low and a key support. The 50-day EMA, at 0.8622, is the initial firm resistance to watch. Clearance of the average would ease bearish pressure.

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