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EURGBP TECHS: Bear Cycle Still In Play 

EURGBP TECHS
  • RES 4: 0.8645 High Apr 23 and a key resistance   
  • RES 3: 0.8593/8625 High Aug 14 / 8 and the bull trigger
  • RES 2: 0.8545 High Aug 21 and a key near-term resistance
  • RES 1: 0.8508 20-Day EMA 
  • PRICE: 0.8463 @ 06:11 BST Aug 27
  • SUP 1: 0.8450 Low Aug 26 
  • SUP 2: 0.8440 61.8% retracement of the Jul 17 - Aug 8 rally 
  • SUP 3: 0.8418 Low Aug 1
  • SUP 4: 0.8411 Low Jul 30

EURGBP maintains a weaker short-term tone and the cross traded lower last week. The move down has allowed a recent overbought condition to unwind. Note that the 50-day EMA has given way and a clear break of it is a concern for bulls. The move lower exposes 0.8440, a Fibonacci retracement. Initial firm resistance has been defined at 0.8545, the Aug 21 high. A move higher and a break of this level would signal a potential reversal.

Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets

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