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Break Of Support Is Bearish

EURGBP TECHS
  • RES 4: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 3: 0.8646/72 High Jun 1 / High May 25
  • RES 2: 0.8618/29 High Jul 8 and key resistance / High Jun 15
  • RES 1: 0.8567 20-day EMA
  • PRICE: 0.8550 @ 06:18 BST Jul 15
  • SUP 1: 0.8504/8479 Low Jul 14 / 1.0% 10-dma envelope
  • SUP 2: 0.8472 Low Apr 5 and the bear trigger
  • SUP 3: 0.8430 Low Feb 27, 2020
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP traded lower Wednesday before finding support. The cross has breached support at; 0.8531, 76.4% of the Apr 5 - 26 rally and 0.8530, the Jun 23 low of 0.8530. Directional signals still point south and the break lower strengthens a bearish case with the focus on key support at 0.8472, Apr 5 low. The cross last week probed resistance at 0.8616, Jul 1 high. A clear break is required to neutralise the current bearish theme.

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