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Corrective Cycle

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 and key resistance
  • RES 3: 0.8659 High Jul 21
  • RES 2: 0.8618 76.4% retracement of the Jul 20 - Aug 10 sell-off
  • RES 1: 0.8593/94 100-dma / High Aug 23
  • PRICE: 0.8557 @ 06:20 BST Aug 25
  • SUP 1: 0.8533/06 20-day EMA / Low Jul 19
  • SUP 2: 0.8484/50 Low Aug 16 / Low Aug 10 and the bear trigger
  • SUP 3: 0.8443 1.0% 10-dma envelope
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP is consolidating close to recent highs. Last week the cross traded back through both the 20- and 50-day EMAs. This signals scope for further gains near-term. Attention is on the 100-dma next at 0.8593 that was briefly probed Monday. Gains are still considered corrective though and from a trend perspective, the outlook is bearish. A return lower and a break of initial firm support at 0.8506, Aug 19 low would signal a resumption of bearish pressure.

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