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Bulls Return

EURGBP TECHS
  • RES 4: 0.8658 High Sep 29 2021
  • RES 3: 0.8643 High Sep 30 2021
  • RES 2: 0.8619 High May 12 and bull trigger
  • RES 1: 0.8587 High May 24
  • PRICE: 0.8562 @ 17:21 BST May 24
  • SUP 1: 0.8433 Low May 23
  • SUP 2: 0.8393/ 0.8391 Low May 17 / 61.8% of Apr 14 - May 12 upleg
  • SUP 3: 0.8367 Low May 2 and a key support
  • SUP 4: 0.8337 76.4% retracement of the Apr 14 - May 12 upleg

EURGBP rallied Tuesday and cleared initial resistance at 0.8534, May 16 high. The strong gains and break of resistance reinstates a short-term bullish theme and attention turns to resistance at 0.8619, the May 12 high and the next key hurdle for bulls. Clearance of this level would resume a 3.5 month uptrend. On the downside, initial support lies at Monday’s intraday low of 0.8433.

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