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EURGBP TECHS: Bears Threat Remains Present

EURGBP TECHS
  • RES 4: 0.8623 High Aug 22  
  • RES 3: 0.8494 High Aug 26  
  • RES 2: 0.8473 50-day EMA
  • RES 1: 0.8458 20-Day EMA 
  • PRICE: 0.8443 @ 06:40 BST Sep 10
  • SUP 1: 0.8400 Low Aug 30 and the bear trigger 
  • SUP 2: 0.8383 Low Jul 17 and a key support
  • SUP 3: 0.8340 Low Aug 2 ‘22
  • SUP 4: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing  

A bearish theme in EURGBP remains intact and the cross continues to trade closer to its recent lows. The latest move higher is a shallow correction and appears to be a flag formation - a bearish continuation pattern that reinforces current conditions. A break lower would resume the downtrend and open 0.8383, the Jul 17 low and the next key support. Initial firm resistance is seen at 0.8458, the 20-day EMA.

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