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Bull Cycle Still In Play

EURGBP TECHS
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8690 Trendline resistance drawn from the Feb 3 high
  • RES 2: 0.8669 High Aug 11
  • RES 1: 0.8631 High Sep 13
  • PRICE: 0.8599 @ 06:27 BST Sep 14
  • SUP 1: 0.8558 Low Sep 11
  • SUP 2: 0.8524 Low Sep 06
  • SUP 3: 0.8493 Low Aug 23 and the bear trigger
  • SUP 4: 0.8486 1.0% 10-dma envelope

EURGBP has traded higher this week and the climb undermines the recent bearish theme. The cross has breached resistance at 0.8611, the Aug 30 high. A continuation higher would signal scope for gains towards 0.8639, the Aug 14 high. Note that the 100-day MA at 0.8615, has been pierced. It represents an important resistance. Initial key support to watch lies at 0.8524, the Sep 5 low. A break would be a bearish development.

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