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Corrective Bounce

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8480 50-day EMA
  • RES 1: 0.8444 20-day EMA
  • PRICE: 0.8426 @ 0:35 BST Aug 5
  • SUP 1: 0.8340 Low Aug 2
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8250 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8203 Low Mar 7 and a key support

EURGBP traded higher Thursday following the BoE rate decision. The outlook is bearish though and gains are considered corrective. Recent weakness has reinforced this theme and resulted in a print below 0.8367, the May 2 low. A continuation lower would open 0.8313, Apr 22 low. The Jul 21 high of 0.8585 has been defined as a key resistance where a break would reinstate a bullish theme. Initial firm resistance is 0.8444, the 20-day EMA.

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