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Downtrend Remains Intact

EURGBP TECHS
  • RES 4: 0.8595/98 High Nov 5 / 76.4% of the Sep 29 - Oct 26 sell-off
  • RES 3: 0.8538/74 High Nov 15 / High Nov 11
  • RES 2: 0.8493 50-day EMA
  • RES 1: 0.8463 Nov 3 low and the 20-day EMA
  • PRICE: 0.8399 @ 17:00 GMT Nov 24
  • SUP 1: 0.8381 Low Nov 22
  • SUP 2: 0.8356 Low Feb 26, 2020
  • SUP 3: 0.8339 Low Feb 25, 2020
  • SUP 4: 0.8282/77 Low Feb 18, 2020 / Low Dec 13, 2019

EURGBP is consolidating. The cross remains in a downtrend and continues to trade near recent lows. The recent sharp sell-off, together with the break of support at 0.8403, Oct 26 low signals scope for an extension lower. The focus is on 0.8356 next, Feb 26, 2020 low. Note that the cross is also approaching the base - at 0.8300/8280 - of a broad multi-year range and this area represents a major support. Initial resistance is seen at 0.8463.

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