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Consolidating

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 and key resistance
  • RES 3: 0.8659 High Jul 21
  • RES 2: 0.8614/18 High Sep 7 / 76.4% of the Jul 20 - Aug 10 sell-off
  • RES 1: 0.8563 High Sep 15
  • PRICE: 0.8546 @ 06:21 BST Sep 20
  • SUP 1: 0.8502/01 76.4% of the Aug 10 - Sep 7 rally / Low Sep 16
  • SUP 2: 0.8484 Low Aug 16
  • SUP 3: 0.8466 1.0% 10-dma envelope
  • SUP 4: 0.8450 Low Aug 10 and the bear trigger

EURGBP is consolidating but conditions remain bearish. A key short-term support at 0.8543, Aug 24 low was cleared on Sep 9 and the cross probed 0.8506 last week, Aug 19 low. A continuation lower would open 0.8484, Aug 16 low ahead of 0.8450, Aug 10 low and the bear trigger. A break of 0.8450 would confirm a resumption of the primary downtrend. The key short-term resistance is at 0.8614, Sep 7 high. Initial resistance is at 0.8563.

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