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Corrective Cycle

EURGBP TECHS
  • RES 4: 0.8788 Trendline resistance drawn from the Feb 3 high
  • RES 3: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 2: 0.8719 High May 23
  • RES 1: 0.8658 High Jun 28 and a short-term bull trigger
  • PRICE: 0.8609 @ 06:21 BST Jun 30
  • SUP 1: 0.8594/36 Low Jun 28 / Low Jun 23
  • SUP 2: 0.8518 Low Jun 19 and the bear trigger
  • SUP 3: 0.8496 1.0% 10-dma envelope
  • SUP 4: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle

The primary trend in EURGBP is down and recent S/T gains are considered corrective. However, Wednesday’s rally strengthens the current bull cycle, signalling scope for a continuation. The 20-day EMA has been cleared and resistance at the 50-day EMA has been tested - at 0.8652. A clear break of the EMA would expose 0.8719, May 23 high. Initial firm support to watch has been defined at 0.8536, Jun 23 low. 0.8518 is the bear trigger, the Jun 19 low.

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