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Candle Pattern Suggest Scope For A Correction

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8465 High Dec 24
  • RES 2: 0.8404/23 50-day EMA / High Jan 24 and a key resistance
  • RES 1: 0.8372 High Jan 26
  • PRICE: 0.8336 @ 06:21 GMT Feb 2
  • SUP 1: 0.8305 Low Jan 20/28/31, lowest since 2020
  • SUP 3: 0.8300 Base of the multi-year broad range
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg

EURGBP remains bearish however from a short-term perspective, there is potential for a correction - Monday’s candle pattern is a bullish engulfing reversal that signals a near-term base. An extension would open 0.8404, the 50-day EMA. The broader trend remains down however and a resumption of weakness would open 0.8282/77, the Feb’20 and Dec’19 lows and the multi-year range base at 0.8300.

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