May 22, 2024 18:00 GMT
EURGBP TECHS: Trades Through Support
EURGBP TECHS
- RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8674 1.0% 10-dma envelope
- RES 2: 0.8645 High Apr 23 and the bull trigger
- RES 1: 0.8571/8621 20-day EMA / High May 9
- PRICE: 0.8516 @ 16:40 BST May 22
- SUP 1: 0.8504 Low Mar 8 & May 22
- SUP 2: 0.8500 Psychological Support
- SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
EURGBP traded sharply lower on the UK CPI release. Wednesday’s move has resulted in a break of support at 0.8531, the Apr 30 low, and confirms an extension of the reversal that started May 9. The daily low intersects with 0.8504, the Mar 8 low and exposes 0.8498, the Feb 14 low. Note that a key support and bear trigger lies at 0.8493, the Aug 23 ‘23 low. On the upside, initial resistance is at 0.8571, the 20-day EMA.
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