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Corrective Pullback

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 0.8875 High Apr 25 and a key resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 1: 0.8754 High Oct 31
  • PRICE: 0.8692 @ 16:00 GMT Nov 1
  • SUP 1: 0.8683/87 Low Nov 1 / 20-day EMA
  • SUP 2: 0.8655/16 50-day EMA / Low Oct 11 and the bear trigger
  • SUP 3: 0.8569 Low Sep 15 and a key support
  • SUP 4: 0.8558 Low Sep 11

A bullish theme in EURGBP remains intact despite the pullback from Tuesday’s high - a correction. Support at the 20-day EMA, at 0.8687, remains intact. The cross recently breached resistance at 0.8741, the Oct 20 high, to confirm a resumption of the uptrend that started Aug 23. This signals scope for an extension towards 0.8793, a Fibonacci retracement. Clearance of the 20-day EMA would signal the start of a correction.

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  • RES 4: 0.8875 High Apr 25 and a key resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 1: 0.8754 High Oct 31
  • PRICE: 0.8692 @ 16:00 GMT Nov 1
  • SUP 1: 0.8683/87 Low Nov 1 / 20-day EMA
  • SUP 2: 0.8655/16 50-day EMA / Low Oct 11 and the bear trigger
  • SUP 3: 0.8569 Low Sep 15 and a key support
  • SUP 4: 0.8558 Low Sep 11

A bullish theme in EURGBP remains intact despite the pullback from Tuesday’s high - a correction. Support at the 20-day EMA, at 0.8687, remains intact. The cross recently breached resistance at 0.8741, the Oct 20 high, to confirm a resumption of the uptrend that started Aug 23. This signals scope for an extension towards 0.8793, a Fibonacci retracement. Clearance of the 20-day EMA would signal the start of a correction.