Bull Cycle Remains In Play

• RES 4: 0.8814 High May 4
• RES 3: 0.8793 61.8% retracement of the Feb 3 - Aug 23 bear leg
• RES 2: 0.8768 High Nov 20 and key resistance
• RES 1: 0.8716 76.4% retracement of the Nov 20 - Dec 11 sell-off
• PRICE: 0.8686 @ 15:21 GMT Dec 29
• SUP 1: 0.8650/18 20-day EMA / Low Dec 20
• SUP 2: 0.8571 Low Dec 15
• SUP 3: 0.8549 Low Dec 11 and the bear trigger
• SUP 4: 0.8524 Low Sep 5

EURGBP maintains a bullish tone and the cross is holding on to the bulk of its recent gains. The 50-day EMA has been cleared highlighting a stronger short-term reversal and this signals potential for a continuation of the bull cycle. Sights are on 0.8716 next, a Fibonacci retracement point. On the downside, key support is unchanged at 0.8549, the Dec 11 low. Initial support lies at 0.8650, the 20-day EMA.