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Bullish Outlook

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8852/97 High Jan 25 / 13 and the bull trigger
  • PRICE: 0.8783 @ 06:33 GMT Jan 27
  • SUP 1: 0.8767/22 Low Jan 24 / 19
  • SUP 2: 0.8691 Low Dec 19
  • SUP 3: 0.8630 76.4% retracement of the Dec 1 - Jan 13 bull cycle
  • SUP 4: 0.8593 Low Dec 15

EURGBP traded lower again Thursday. The cross remains above the key short-term support that has been defined at 0.8722, the Jan 19 low. A break of this level would reinstate a recent bearish threat. On the upside, a resumption of gains would expose resistance at 0.8897, the Jan 13 high and a bull trigger. Clearance of this level would confirm a resumption of the bull cycle that started early December last year.

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