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Corrective Pullback

EURO-STERLING TECHS
  • RES 4: 0.9263 2.0% 10-dma envelope
  • RES 3: 0.9184 61.8% Fibonacci retracement of the Mar - Apr decline
  • RES 2: 0.9176 High Jun 29 and the bull trigger
  • RES 1: 0.9148 High Jul 27
  • PRICE: 0.9039 @ 16:35 BST Jul 30
  • SUP 1: 0.9017 Low Jul 30
  • SUP 2: 0.9001/02 Low Jul 21 / 50-day EMA
  • SUP 3: 0.8938 Low Jul 10 and the key near-term support
  • SUP 4: 0.8913 Low Jun 16

EURGBP has traded lower this week but remains above support. The cross recently defined a S/T base at 0.9001, Jul 21 low. The outlook is bullish. This follows recent Japanese candle patterns on Jun 13, a bullish engulfing and Jun 10, a doji. Together they signalled a reversal off 0.8938, Jun 10 low and the cross has since traded higher. The focus is on 0.9145, Jun 30 high and 0.9176, Jun 29 high. 0.9001 is the key near-term support.

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