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Clears Key Support

  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8625/58 50-day EMA / High Jun 28 and bull trigger
  • RES 1: 0.8573/84 20-day EMA / High Jul 10
  • PRICE: 0.8514 @ 06:24 BST Jul 12
  • SUP 1: 0.8504 Low Jul 11
  • SUP 2: 0.8484 1.0% 10-dma envelope
  • SUP 3: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle
  • SUP 4: 0.8408 Low Aug 24 2022

The primary trend direction in EURGBP is unchanged and remains down. Yesterday’s sell-off resulted in a break of support at 0.8518, the Jun 19 low. The break confirms a resumption of the downtrend and signals scope for a continuation. Moving average studies are in bear-mode position, highlighting current trend conditions. The focus is on 0.8454, a Fibonacci retracement point. Initial firm resistance has been defined at 0.8584, the Jul 10 high.

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