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Bearish Pressure Still Dominates Despite Bounce

EURO-STERLING TECHS
  • RES 4: 0.9044 High Aug 24 and a key resistance
  • RES 3: 0.8990 50-day EMA
  • RES 2: 0.8975 High Aug 28
  • RES 1: 0.8938 Low Jul 10 and a recent breakout level
  • PRICE: 0.8913 @ 10:41 BST Sep 4
  • SUP 1: 0.8864 Low Jun 9 and 61.8% of the Apr 30 - Jun 29 rally
  • SUP 2: 0.8830 Low Jun 15
  • SUP 3: 0.8790 76.4% retracement of the Apr 30 - Jun 29 rally
  • SUP 4: 0.8759 Low May 12

EURGBP maintains a bearish theme despite yesterday's recovery. This week, the cross traded to a low just ahead of 0.8864, Jun 9 low and the 61.8% Fibonacci retracement of the Apr 30 - Jun 29 rally. A breach of this level would reinforce the current bearish theme and open 0.8830, May 15 low. On the upside, initial resistance is seen at 0.8938, Jul 10 low and a recent breakout level. Firmer resistance resides at 0.8

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