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Bull Rally Extends

EURGBP TECHS
  • RES 4: 0.8840 High Feb 2
  • RES 3: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
  • RES 2: 0.8721 High Jun 15 and a medium-term bull trigger
  • RES 1: 0.8679/83 High Jul 1 / 2.0% 10-dma envelope
  • PRICE: 0.8631 @ 06:17 BST Sep 2
  • SUP 1: 0.8572 Low Aug 31
  • SUP 2: 0.8512 High Aug 19 and a recent breakout level
  • SUP 3: 0.8499 20-day EMA
  • SUP 4:0.8408 Low Aug 23

EURGBP traded higher again Thursday and a bull theme remains intact. The cross has cleared a number of short-term resistance points this week and attention is on 0.8679, the Jul 1 high. Clearance of this latter level would expose the key resistance at 0.8721, the Jun 15 high and an important bull trigger. On the downside, initial support is seen at 0.8572, the Wednesday’ low.

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