Bearish Threat Remains Present

• 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: 0.8839 High Apr 28
• PRICE: 0.8807 @ 06:34 BST May 4
• 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 remains above its recent lows. The Apr 28 sell-off continues to highlight a bearish threat. The cross cleared support at 0.8792, the Apr 19 low and a resumption of weakness 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. A break of this hurdle would reinstate a bullish theme.