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Corrective Bounce

EURGBP TECHS
  • RES 4: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 3: 0.8666 23.6% Sep'20 - Apr'21 Sell-Off
  • RES 2: 0.8646/72 High Jun 1 / High May 25
  • RES 1: 0.8642 High Jul 19
  • PRICE: 0.8622 @ 17:07 BST Jul 19
  • SUP 1: 0.8504 Low Jul 14 and key short-term support
  • SUP 2: 0.8472/69 Low Apr 5 / 1% 10-dma envelope
  • SUP 3: 0.8430 Low Feb 27, 2020
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP traded sharply higher Monday. The current recovery is likely a correction with S/T bearish conditions still dominating. This follows the recent break of support at 0.8531, 76.4% of the Apr 5 - 26 rally and 0.8530, the Jun 23 low. The break signals potential for a move towards support at 0.8472, Apr 5 low. The cross traded above the Jul 1 high at 0.8616. A clear break and hold above this hurdle is required to neutralise the current bearish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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