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Bullish Following Trendline Break

EURGBP TECHS
  • RES 4: 0.9127 61.8% retracement of the Sep 9 - Nov 11 downtrend
  • RES 3: 0.9107 High Oct 23
  • RES 2: 0.9095 3.0% Upper Bollinger Band
  • RES 1: 0.9084 High Dec 2
  • PRICE: 0.9004 @ 17:18 GMT Dec 3
  • SUP 1: 0.8979 Former trendline resistance drawn off the Sep 11 high
  • SUP 2: 0.8929 Low Dec 1
  • SUP 3: 0.8861 Low Nov 11 and the bear trigger
  • SUP 4: 0.8830 Low May 15

EURGBP has rallied sharply higher this week. The cross has cleared key trendline resistance drawn off the Sep 11 high. An ability to hold above the line and Wednesday's clear breach of the 0.9000 handle reinforces short-term bullish development and signals a reversal. The focus now turns to the 0.9095 vol band resistance. On the downside, initial firm support is seen at 0.8979, the former trendline resistance.

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