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EURGBP TECHS: Potential Base Building

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8464 High Sep 11 and a key resistance
  • RES 3: 0.8448 High Oct 31 and reversal trigger 
  • RES 2: 0.8404 76.4% retracement of the Oct 31 - Nov 11 bear leg
  • RES 1: 0.8360/76 50-day EMA / High Nov 19
  • PRICE: 0.8333 @ 16:20 GMT Nov 27 
  • SUP 1: 0.8260 Low Nov 11 and the bear trigger 
  • SUP 2: 0.8250 Low Apr 14 ‘22
  • SUP 3: 0.8203 Low Mar 7 2022 and a major support
  • SUP 4: 0.8200 Round number support  

EURGBP is trading inside a range. A bullish engulfing candle pattern on Nov 12 highlights a possible short-term reversal. The recovery from last Friday’s intraday low is also seen as a potential bullish development. Furthermore, the 20- and 50 day EMAs have been pierced. A clear break of both EMAs would strengthen the risk of a reversal and open 0.8404, a Fibonacci retracement. Key support is 0.8260, Nov 11 low. A break of it would resume the downtrend.     

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  • RES 4: 0.8464 High Sep 11 and a key resistance
  • RES 3: 0.8448 High Oct 31 and reversal trigger 
  • RES 2: 0.8404 76.4% retracement of the Oct 31 - Nov 11 bear leg
  • RES 1: 0.8360/76 50-day EMA / High Nov 19
  • PRICE: 0.8333 @ 16:20 GMT Nov 27 
  • SUP 1: 0.8260 Low Nov 11 and the bear trigger 
  • SUP 2: 0.8250 Low Apr 14 ‘22
  • SUP 3: 0.8203 Low Mar 7 2022 and a major support
  • SUP 4: 0.8200 Round number support  

EURGBP is trading inside a range. A bullish engulfing candle pattern on Nov 12 highlights a possible short-term reversal. The recovery from last Friday’s intraday low is also seen as a potential bullish development. Furthermore, the 20- and 50 day EMAs have been pierced. A clear break of both EMAs would strengthen the risk of a reversal and open 0.8404, a Fibonacci retracement. Key support is 0.8260, Nov 11 low. A break of it would resume the downtrend.