May 31, 2024 05:33 GMT
Bearish Outlook
EURGBP TECHS
- RES 4: 0.8645 High Apr 23 and the bull trigger
- RES 3: 0.8613 1.0% High May 9 and 10-dma envelope
- RES 2: 0.8555 50-day EMA
- RES 1: 0.8540 20-day EMA
- PRICE: 0.8504 @ 06:31 BST May 31
- SUP 1: 0.8484 Low May 29
- SUP 2: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 3: 0.8408 Low Aug 24 2023
- SUP 4: 0.8388 Low Aug 17 2022
EURGBP remains above this week’s low of 0.8484 (May 29). Conditions are unchanged and a bearish theme remains in play. Key supports have recently been pierced; the 0.8500 pivot level, and an important support zone between 0.8498, the Feb 14 low, and 0.8493, the Aug 23 ‘23 low. A clear break of these price points would strengthen a bearish theme. Initial firm resistance is 0.8540, the 20-day EMA.
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