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Bull Cycle Remains In Play

EURGBP TECHS
  • 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: 0.8672 @ 08:05 GMT Jan 03
  • 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.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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