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Bulls Remain In The Driver’s Seat

EURGBP TECHS
  • RES 4: 0.8852 50.0% retracement of the 2020 - 2022 downleg
  • RES 3: 0.8840 High Feb 2
  • RES 2: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
  • RES 1: 0.8788 High Sep 19
  • PRICE: 0.8721 @ 16:39 BST Sep 21
  • SUP 1: 0.8711 Low Sep 21
  • SUP 2: 0.8647 20-day EMA
  • SUP 3: 0.8569 50-day EMA
  • SUP 4: 0.8522 Low Aug 30

EURGBP is consolidating and holding on to its recent gains. The short-term outlook remains bullish. Last Friday’s rally confirmed a break of key resistance at 0.8721, the Jun 15 high and an important bull trigger. The climb resumes the bull cycle that started early March and opens 0.8811 next, a Fibonacci projection. On the downside, initial firm support is seen at 0.8647, the 20-day EMA. A pullback would be considered corrective.

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