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Consolidating At Recent Lows

  • RES 4: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 3: 0.8672 High May 25
  • RES 2: 0.8610/70 High Jul 22 / High Jul 20 and a key resistance
  • RES 1: 0.8580 50-day EMA
  • PRICE: 0.8521 @ 15:48 BST Jul 30
  • SUP 1: 0.8500 Low Jul 28
  • SUP 2: 0.8479 1% 10-dma envelope
  • SUP 3: 0.8472 Low Apr 5
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP is consolidating at this week's lows. The recent sharp move lower has resulted in a probe of support at 0.8504, the Jul 14 low and a near-term bear trigger. A clear break of this level would strengthen a bearish case and open 0.8472, the Apr 5 low. Moving average studies are in a bear mode highlighting a bearish theme. On the upside, key resistance is unchanged at 0.8670, the Jul 20 high.

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