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Bearish Threat Remains Present

EURGBP TECHS
Foreign Exchange Technical Analysismarkets-real-timeBulletMarketsForeign Exchange
  • RES 4: 0.8658 High Sep 29 2021
  • RES 3: 0.8643 High Sep 30 2021
  • RES 2: 0.8619 High May 12 and bull trigger
  • RES 1: 0.8534 High May 16
  • PRICE: 0.8443 @ 06:13 BST May 23
  • SUP 1: 0.8393/ 0.8391 Low May 17 / 61.8% of Apr 14 - May 12 upleg
  • SUP 2: 0.8367 Low May 2 and a key support
  • SUP 3: 0.8337 76.4% retracement of the Apr 14 - May 12 upleg
  • SUP 4: 0.8313 Low Apr 22

EURGBP remains above 0.8393, May 17 low. The recent bear leg is considered corrective, however, given the pace of the sell-off between May 12-17, an extension lower still appears likely. Price has traded through the 20- and 50-day EMAs and this exposes 0.8367, May 2 low and a key support. On the upside, initial firm resistance to watch is at 0.8534, May 16 high. A break would refocus attention on 0.8619, the May 12 high and bull trigger.

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  • RES 4: 0.8658 High Sep 29 2021
  • RES 3: 0.8643 High Sep 30 2021
  • RES 2: 0.8619 High May 12 and bull trigger
  • RES 1: 0.8534 High May 16
  • PRICE: 0.8443 @ 06:13 BST May 23
  • SUP 1: 0.8393/ 0.8391 Low May 17 / 61.8% of Apr 14 - May 12 upleg
  • SUP 2: 0.8367 Low May 2 and a key support
  • SUP 3: 0.8337 76.4% retracement of the Apr 14 - May 12 upleg
  • SUP 4: 0.8313 Low Apr 22

EURGBP remains above 0.8393, May 17 low. The recent bear leg is considered corrective, however, given the pace of the sell-off between May 12-17, an extension lower still appears likely. Price has traded through the 20- and 50-day EMAs and this exposes 0.8367, May 2 low and a key support. On the upside, initial firm resistance to watch is at 0.8534, May 16 high. A break would refocus attention on 0.8619, the May 12 high and bull trigger.