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Bearish Outlook

EURGBP TECHS
  • RES 4: 0.8645 High Apr 23 and the bull trigger
  • RES 3: 0.8602 1.0% High May 9 and 10-dma envelope
  • RES 2: 0.8553 50-day EMA
  • RES 1: 0.8541 High May 31
  • PRICE: 0.8517 @ 06:10 BST Jun 3
  • 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 is in consolidation mode and remains above last week’s low of 0.8484 (May 29). Conditions are unchanged and a bear trend is still 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 breach of these price points would strengthen a bearish theme. Initial firm resistance to watch is 0.8541, Friday’s high.

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