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Corrective Bounce

EURO-STERLING TECHS
  • RES 4: 0.9148 High Jul 27
  • RES 3: 0.9070 High Aug 17
  • RES 2: 0.9044 High Aug 24 and a key resistance
  • RES 1: 0.8994 High Sep 7
  • PRICE: 0.8988 @ 05:46 BST Sep 8
  • SUP 1: 0.8864 Low Jun 9 and 61.8% of the Apr 30 - Jun 29 rally
  • SUP 2: 0.8830 Low Jun 15
  • SUP 3: 0.8790 76.4% retracement of the Apr 30 - Jun 29 rally
  • SUP 4: 0.8759 Low May 12

EURGBP maintains a bearish theme however for now, as the bounce off last week's low extends, the cross appears set to hold onto its present bid tone. Attention is on resistance at the 0.8987 area marking the 50-day EMA that was breached Monday. A clear break of this hurdle would suggest scope for a stronger recovery and open 0.9044, Aug 24 high. Key support lies at 0.8864 where a break is required to reinstate bearish pressure once again.

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