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Bearish Pressure Likely To Persist

EURO-STERLING TECHS
  • RES 4: 0.9070 High Aug 17
  • RES 3: 0.9044 High Aug 24 and key near-term resistance
  • RES 2: 0.9003/04 20- and 50-day EMA
  • RES 1: 0.8975 High Aug 28
  • PRICE: 0.8923 @ 06:01 BST Aug 31
  • SUP 1: 0.8909 Low Aug 28
  • SUP 2: 0.8905 1.0% Lower 10-dma envelope
  • SUP 3: 0.8864 Low Jun 9 and 61.8% of the Apr 30 - Jun 29 rally
  • SUP 4: 0.88330 Low Jun 15

EURGBP maintains a bearish outlook and extended the downside Friday with the cross hitting new multi-month lows. The print below former support at 0.8938, Jul 10 low sets the scene for a deeper pullback. This has opened 0.8912 next, Jun 16 low and 0.8864, the Jun 9 low and a Fibonacci retracement. Note, MA studies are crossing into a bearish condition to reinforce the current bearish phase. 0.9044 marks trend resistance.

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