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Breaches The 50-Day EMA

EURGBP TECHS
  • RES 4: 0.8867 High Oct 12
  • RES 3: 0.8829 High Nov 09 and the bull trigger
  • RES 2: 0.8778 High Nov 16
  • RES 1: 0.8730 Intraday high
  • PRICE: 0.8724 @ 06:26 GMT Dec 16
  • SUP 1: 0.8655/8593 50-day EMA / Low Dec 15
  • SUP 2: 0.8553/47 200-dma / Low Dec 1 and bear trigger
  • SUP 3: 0.8522 Low Aug 30
  • SUP 4: 0.8471 Low Aug 28

EURGBP rallied sharply higher Thursday and in the process cleared the 50-day EMA at 0.8655. The break higher improves the very short-term outlook for bulls and signals scope for a climb towards resistance at 0.8829, the Nov 9 high and a bull trigger. On the downside, key support has been defined at 0.8547, the Dec 1 low, where a break is required to signal a continuation of the downtrend.

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