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Bearish Threat

  • RES 4: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 3: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8875 High Apr 25 and key short-term resistance
  • RES 1: 0.8812 20- and 50-day EMA
  • PRICE: 0.8788 @ 06:02 BST May 2
  • SUP 1: 0.8760 Low May 1
  • SUP 2: 0.8729 Low Apr 4
  • SUP 3: 0.8719 Low Mar 15 and key support
  • SUP 4: 0.8691 Low Dec 19

EURGBP traded sharply lower last Friday and in the process, cleared support at 0.8792, the Apr 19 low. The sell-off undermines a recent bullish theme and instead highlights a developing bearish threat. A continuation lower would pave the way for a test of support at 0.8719, the Mar 15 low and a key level. On the upside, key short-term resistance has been defined at 0.8875, the Apr 25 high.

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