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EURGBP TECHS: Key Support Remains Exposed

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8625 High Aug 8 and the bull trigger  
  • RES 3: 0.8593 High Aug 14  
  • RES 2: 0.8545 High Aug 21 and a key near-term resistance
  • RES 1: 0.8437/8474 High Aug 28 / 20-Day EMA 
  • PRICE: 0.8426 @ 06:44 BST Sep 3
  • SUP 1: 0.8400 Low Aug 30 
  • 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  

EURGBP is unchanged and remains in a bear-mode condition. Last week’s extension reinforces current conditions and the cross has cleared all key retracement points of the rally between Jul 17 - Aug 8. This undermines a recent bullish theme and exposes 0.8383, the Jul 17 low and the next key support. Firm resistance is seen at 0.8474, the 20-day EMA. A short-term bounce would, for now, be considered corrective. 

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  • RES 4: 0.8625 High Aug 8 and the bull trigger  
  • RES 3: 0.8593 High Aug 14  
  • RES 2: 0.8545 High Aug 21 and a key near-term resistance
  • RES 1: 0.8437/8474 High Aug 28 / 20-Day EMA 
  • PRICE: 0.8426 @ 06:44 BST Sep 3
  • SUP 1: 0.8400 Low Aug 30 
  • 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  

EURGBP is unchanged and remains in a bear-mode condition. Last week’s extension reinforces current conditions and the cross has cleared all key retracement points of the rally between Jul 17 - Aug 8. This undermines a recent bullish theme and exposes 0.8383, the Jul 17 low and the next key support. Firm resistance is seen at 0.8474, the 20-day EMA. A short-term bounce would, for now, be considered corrective.