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Bearish Trend Structure

EURGBP TECHS
  • RES 4: 0.8541 High May 31
  • RES 3: 0.8532 1.0% 10-dma envelope
  • RES 2: 0.8514 50-day EMA
  • RES 1: 0.8477 20-day EMA
  • PRICE: 0.8460 @ 16:38 BST Jun 21
  • SUP 1: 0.8397 Low Jun 14
  • SUP 2: 0.8388 Low Aug 17 2022
  • SUP 3: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 4: 0.8340 Low Aug 2 2022

A bearish theme in EURGBP remains intact and recent gains are considered corrective. The latest move down, reinforces the bear cycle and maintains the price sequence of lower lows and lower highs. Note too that moving average studies are in a bear mode position, highlighting a clear downtrend. Sights are on 0.8366 next, a Fibonacci projection. Initial firm resistance is at 0.8477, the 20-day EMA.

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