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Bearish Theme Intact

EURGBP TECHS
  • RES 4: 0.8731 High Feb 26 and key resistance
  • RES 3: 0.8668 High Mar 3
  • RES 2: 0.8646 High Mar 24 and the S/T reversal trigger
  • RES 1: 0.8593 20-day EMA
  • PRICE: 0.8517 @ 16:31 GMT Mar 31
  • SUP 1: 0.8506 Low Mar 29
  • SUP 2: 0.8494 3.0% Lower Bollinger Band
  • SUP 3: 0.8430 Low Feb 27, 2020
  • SUP 4: 0.8356 Low Feb 26

EURGBP remains bearish having traded lower Monday and through 0.8533, Mar 18 low and a bear bear trigger, to print new multi-year lows. The move reinforces a bearish theme and exposes the 38.2% retracement of the 2015 - 2020 rally at 0.8521 which price probed Monday. An extension lower would open 0.8494, a volatility based support. Firm resistance is seen at 0.8646, Mar 24 high where a break is needed to signal a short-term reversal.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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