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Bearish Risk Still Present

EURGBP TECHS
  • RES 4: 0.8797 High Feb 9
  • RES 3: 0.8731 High Feb 26 and the S/T reversal trigger
  • RES 2: 0.8668 High Mar 3
  • RES 1: 0.8640 High Mar 16
  • PRICE: 0.8616 @ 17:26 GMT Mar 22
  • SUP 1: 0.8533 Low Mar 18 and bear trigger
  • SUP 2: 0.8522 Low Feb 28
  • SUP 3: 0.8487 3.0% Lower Bollinger Band
  • SUP 4: 0.8430 Low Feb 27

EURGBP is off last week's lows but remains within its recent trading range. Technical signals continue to highlight a bearish trend and attention is on 0.8533 low, Mar 18 low and the bear trigger. A clear break would resume the trend and expose 0.8487, a volatility based support area. On the upside, firm short-term resistance is at 0.8731, Feb 26 high. A break would signal a short-term reversal and open 0.8797, Feb 9 high. Initial resistance is 0.8640.

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