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Clears Resistance

EURGBP TECHS
  • RES 4: 0.8603 High Jul 6
  • RES 3: 0.8631 76.4% retracement of the Jun 15 - Aug 2 downleg
  • RES 2: 0.8585 High Jul 21 and a key resistance
  • RES 1: 0.8570 High Jul 22
  • PRICE: 0.8543 @ 06:17 BST Aug 30
  • SUP 1: 0.8457/8408 20-day EMA / Low Aug 23
  • SUP 2: 0.8388/40 Low Aug 17 / 2 and the bear trigger
  • SUP 3: 0.8313 Low Apr 22
  • SUP 4: 0.8289 2.0% 10-dma envelope and low Apr 14

EURGBP has started the week on a firmer note and traded sharply higher Monday. Price is again above the 50-day EMA. The recent high print of 0.8512 (Aug 19), was seen as a bullish development. This level was cleared yesterday and the break strengthens bullish conditions, resuming the uptrend that started early August. This has opened 0.8585, Jul 21 high. Initial key support to watch is at 0.8408, the Aug 24 low.

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