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CPI Triggers Topping of 50-dma

  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8706 100-dma
  • RES 1: 0.8701 High Jul 19
  • PRICE: 0.8673 @ 16:17 BST Jul 20
  • SUP 1: 0.8504 Low Jul 11
  • SUP 2: 0.8471 1.0% 10-dma envelope
  • SUP 3: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle
  • SUP 4: 0.8408 Low Aug 24 2022

The recovery in EUR/GBP accelerated Wednesday with the break of the 50-dma and bull trigger, helping prompt a fourth consecutive session of higher highs. Momentum is pointed higher for now, bringing the next key upside levels at the 100-dma of 0.8707 and congestion resistance at 0.8719 into play. The downside focus for now is on 0.8454, a Fibonacci retracement point, but markets are pointed higher for now.

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