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Corrective Pullback

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 2021
  • RES 3: 0.8658/71 High Sep 29 2021 / 2.0% 10-dma envelope
  • RES 2: 0.8643 High Sep 30 2021
  • RES 1: 0.8534/8619 Intraday high / High May 12
  • PRICE: 0.8476 @ 19:45 BST May 16
  • SUP 1: 0.8468 High Apr 27 and a recent breakout level
  • SUP 2: 0.8413 50-day EMA
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8313 Low Apr 22

EURGBP traded lower Monday and the cross remains below its recent highs, following a reversal on May 12. The short-term pullback is considered corrective and the trend condition remains bullish. A resumption of strength would open 0.8624, the Oct 1 2021 high and 0.8671, the top of a moving average envelope. Initial firm support is seen at 0.8468, the Apr 27 high and breakout level. A break would expose the 50-day EMA, at 0.8413 today.

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  • RES 4: 0.8670 High Jul 20 2021
  • RES 3: 0.8658/71 High Sep 29 2021 / 2.0% 10-dma envelope
  • RES 2: 0.8643 High Sep 30 2021
  • RES 1: 0.8534/8619 Intraday high / High May 12
  • PRICE: 0.8476 @ 19:45 BST May 16
  • SUP 1: 0.8468 High Apr 27 and a recent breakout level
  • SUP 2: 0.8413 50-day EMA
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8313 Low Apr 22

EURGBP traded lower Monday and the cross remains below its recent highs, following a reversal on May 12. The short-term pullback is considered corrective and the trend condition remains bullish. A resumption of strength would open 0.8624, the Oct 1 2021 high and 0.8671, the top of a moving average envelope. Initial firm support is seen at 0.8468, the Apr 27 high and breakout level. A break would expose the 50-day EMA, at 0.8413 today.