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Bullish Theme

  • RES 4: 0.9097 76.4% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.9023 2.0% 10-dma envelope
  • RES 2: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8979 High Feb 3
  • PRICE: 0.8911 @ 06:04 GMT Feb 7
  • SUP 1: 0.8875/0.8852 Low Feb 2 / High Jan 25
  • SUP 2: 0.8837 20-day EMA
  • SUP 3: 0.8788 50-day EMA
  • SUP 4: 0.8722 Low Jan 19 and a reversal trigger

EURGBP trend conditions remain bullish following last week’s gains and the cross is trading closer to its recent highs. Resistance at 0.8897, the Jan 13 high and a recent bull trigger, has been cleared. The breach confirms a resumption of the uptrend that started early December and sights are on 0.8992, a Fibonacci retracement. Note that moving average studies are in a bull-mode position. First key support to watch lies at 0.8837, the 20-day EMA.

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