March 28, 2024 19:00 GMT
Bull Cycle Remains In Play
EURGBP TECHS
- RES 4: 0.8678 38.2% retracement of the Feb 3 - Aug 23 bear cycle
- RES 3: 0.8620 High Jan 20
- RES 2: 0.8607 23.6% retracement of the Feb 3 - Aug 23 bear cycle
- RES 1: 0.8602 High Mar 22
- PRICE: 0.8546 @ 16:35 GMT Mar 28
- SUP 1: 0.8530/8504 Low Mar 21 / 08
- SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
- SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 4: 0.8388 Low Aug 17 2023
EURGBP is holding on to the bulk of its recent gains and the short-term outlook remains bullish. The breach of resistance at 0.8578, the Feb 20 high, confirms a range breakout and a potential reversal, highlighting a short-term bullish theme. This opens 0.8607 next, a Fibonacci retracement point. Note that MA studies are in a bear-mode position and this continues to highlight a dominant downtrend. The bear trigger lies at 0.8493, the Aug 23 2023 low.
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