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Bullish Focus

EURGBP TECHS
  • RES 4: 0.8721 High Apr 26
  • RES 3: 0.8703 1.236 proj of the Aug 10 - Sep 7 - Sep 16 rally
  • RES 2: 0.8670 High Jul 20 and key resistance
  • RES 1: 0.8658 High Sep 29
  • PRICE: 0.8584 @ 16:16 BST Sep 30
  • SUP 1: 0.8564/26 50-day EMA / Low Sep 28
  • SUP 2: 0.8501 Low Sep 16
  • SUP 3: 0.8484/89 Low Aug 16 / 1.0% 10-dma envelope
  • SUP 4: 0.8450 Low Aug 10

EURGBP rallied sharply higher Tuesday and the cross cleared resistance at 0.8613/14, the Sep 22 / Sep 7 high. Markets added to these gains Wednesday. Scope is seen for a stronger short-term rally and the break higher has exposed resistance at 0.8670, Jul 20 high and the next important near-term resistance. On the downside, Tuesday's intraday low of 0.8526, while far off, is support. A break would reinstate a bearish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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