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EURGBP TECHS: Bear Flag

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8424/64 50-day EMA / High Sep 11 
  • RES 2: 0.8400 Low Aug 30
  • RES 1: 0.8379 20-day EMA 
  • PRICE: 0.8349 @ 06:16 BST Oct 3
  • SUP 1: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 2: 0.8276 3.382 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 3: 0.8250 Low Apr 14 ‘22
  • SUP 4: 0.8203 Low Mar 7 2022 and a major support   

The trend condition in EURGBP remains bearish and the cross is trading closer to its recent lows. The latest sideways move appears to be a flag formation - a bearish continuation pattern. Note that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. Sights are on 0.8276 next, a Fibonacci projection. Initial firm resistance is 0.8379, the 20-day EMA.

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  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8424/64 50-day EMA / High Sep 11 
  • RES 2: 0.8400 Low Aug 30
  • RES 1: 0.8379 20-day EMA 
  • PRICE: 0.8349 @ 06:16 BST Oct 3
  • SUP 1: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 2: 0.8276 3.382 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 3: 0.8250 Low Apr 14 ‘22
  • SUP 4: 0.8203 Low Mar 7 2022 and a major support   

The trend condition in EURGBP remains bearish and the cross is trading closer to its recent lows. The latest sideways move appears to be a flag formation - a bearish continuation pattern. Note that moving average studies remain in a bear-mode position, highlighting a dominant downtrend. Sights are on 0.8276 next, a Fibonacci projection. Initial firm resistance is 0.8379, the 20-day EMA.