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Corrective Pullback

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
  • RES 1: 0.8872 High Apr 17
  • PRICE: 0.8807 @ 16:17 BST Apr 19
  • SUP 1: 0.8806/8792 20-day EMA / Low Apr 19
  • SUP 2: 0.8763/8729 Low Apr 11 / 4
  • SUP 3: 0.8719 Low Mar 15 and key support
  • SUP 4: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg

EURGBP remains in a bull cycle despite the pullback from Monday's high. The cross has recently traded above trendline resistance at 0.8849, drawn from the Feb 3 high and 0.8866, the Mar 23 high, has been pierced. A clear break of these two levels would open 0.8880, a Fibonacci retracement. On the downside, key support lies at 0.8719, the Mar 15 low. A break would be bearish. Initial firm support lies at 0.8806, the 20-day EMA - this level was pierced Wednesday.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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