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Corrective Pullback

EURGBP TECHS
  • 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: 0.8768 High Nov 20 and the bull trigger
  • PRICE: 0.8708 @ 06:37 GMT Nov 22
  • SUP 1: 0.8701 Intraday low
  • SUP 2: 0.8684/50 50-day EMA / Low Nov 6
  • SUP 3: 0.8616 Low Oct 11 and a reversal trigger
  • SUP 4: 0.8569 Low Sep 15 and a key support

The trend outlook in EURGBP remains bullish, however, the sharp sell-off yesterday highlights the start of a short-term corrective cycle. The cross has traded through the 20-day EMA and attention is on support at the 50-day EMA, at 0.8684. A clear break of this average would signal scope for a deeper retracement. On the upside, the bull trigger has been defined at 0.8768, the Nov 20 high. A breach would resume the uptrend.

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