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Bearish Price Sequence Intact

EURO-STERLING TECHS
  • RES 4: 0.9146/62 1.0% 10-dma envelope / High Oct 7
  • RES 3: 0.9149 Oct 20 high
  • RES 2: 0.9107 High Oct 23
  • RES 1: 0.9064 50-day EMA
  • PRICE: 0.9018 @ 16:45 GMT Nov 2
  • SUP 1: 0.8984 Low Oct 30
  • SUP 2: 0.8967 76.4% retracement of the Sep 3 - 11 rally
  • SUP 3: 0.8925 Low Sep 7
  • SUP 4: 0.8900 Low Sep 4

EURGBP traded lower Friday and cleared 0.9007, Oct 14 low. This confirms a resumption of the downtrend that has been in place since reversing lower on Sep 11. The break lower maintains a bearish price sequence of lower lows and lower highs. This has exposed 0.8967 next, a retracement. Key short-term resistance is at 0.9149, Oct 20 high. Clearance of this level would undermine bearish conditions. Initial resistance is 0.9064, 50-day EMA.

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