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EURGBP TECHS: Bearish Outlook With Resistance Intact

EURGBP TECHS
  • RES 4: 0.8586 76.4% retracement of the Apr 23 - Jun 14 bear leg  
  • RES 3: 0.8568 High May 20
  • RES 2: 0.8552 1.0% 10-dma envelope
  • RES 1: 0.8494/99 50-day EMA / High Jul 1  
  • PRICE: 0.8430 @ 16:27 BST Jul 10
  • SUP 1: 0.8429 Low Jul 10    
  • SUP 2: 0.8397 Low Jun 14 and the bear trigger
  • SUP 3: 0.8388 Low Aug 17 2022
  • SUP 4: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing 

EURGBP traded lower into the European close extending the gap with the recent high on Jul 1. A key resistance at 0.8494, the 50-day EMA, remains intact. Clearance of this average is required to undermine the current bearish theme and signal scope for a stronger reversal. Gains since Jun 14 still appear to be a correction. Initial firm support has been pierced at at 0.8431, the Jun 25 low. A confirmed break of this support would open 0.8397, the Jun 14 low and the bear trigger.

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