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Breaches Support

EURGBP TECHS
  • RES 4: 0.8731 High Feb 26
  • RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 2: 0.8646/72 High Jun 1 / High May 25
  • RES 1: 0.8629 High Jun 15
  • PRICE: 0.8591 @ 15:41 BST Jun 18
  • SUP 1: 0.8542 Low Jun 17
  • SUP 2: 0.8531 76.4% retracement of the Apr 5 - 26 rally
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8420 2.0% 10-dma envelope

EURGBP traded through support at 0.8561, low May 12. The move lower signals the end of the recent consolidation and strengthens a bearish case. The focus is on 0.8531, 76.4% of the Apr 5 - 26 rally. A break of this level would expose key support at 0.8472, Apr 5 low. Initial firm resistance has been defined at 0.8629, Jun 15 high where a break is required to ease the developing bearish threat.

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