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Bull Cycle Intact

EURGBP TECHS
  • RES 4: 0.8791 High Feb 12
  • RES 3: 0.8730/31 2.0% 10-dma envelope / High Feb 26
  • RES 2: 0.8705 High Mar 1
  • RES 1: 0.8686 Intraday high
  • PRICE: 0.8669 @ 06:26 GMT Apr 9
  • SUP 1: 0.8582 Low Apr 7
  • SUP 2: 0.8472 Low Apr 5 and the bear trigger
  • SUP 3: 0.8431/30 3.0% Lower Bollinger Band / Low Feb 27, 2020
  • SUP 4: 0.8356 Low Feb 26

EURGBP traded higher yesterday with the cross holding onto this week's bullish theme. In pattern terms, Tuesday was a bullish engulfing candle and suggested the cross had entered a corrective cycle. Recent gains have now seen prices top the key resistance at 0.8646, Mar 24 high and the 50-day EMA at 0.8654. Further gains would open 0.8731, Feb 26 high. Initial support is at 0.8582, Apr 7 low.

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