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Bearish Risk Remains Present

EURGBP TECHS
  • RES 4: 0.8595/98 High Nov 5 / 76.4% of the Sep 29 - Oct 26 sell-off
  • RES 3: 0.8538/74 High Nov 15 / High Nov 11
  • RES 2: 0.8489 50-day EMA
  • RES 1: 0.8457/63 20-day EMA / Nov 3 low
  • PRICE: 0.8400 @ 06:23 GMT Nov 25
  • SUP 1: 0.8381 Low Nov 22
  • SUP 2: 0.8356 Low Feb 26, 2020
  • SUP 3: 0.8339 Low Feb 25, 2020
  • SUP 4: 0.8282/77 Low Feb 18, 2020 / Low Dec 13, 2019

EURGBP is unchanged and continues to consolidate in a range. The downtrend remains intact. The recent sharp sell-off and break of 0.8403, Oct 26 low signals scope for further weakness. The focus is on 0.8356 next, Feb 26, 2020 low. Note that the cross is also approaching the base - at 0.8300/8280 - of a broad multi-year range and this area represents a major support. Initial resistance is seen at 0.8463.

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