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EURGBP TECHS: Trades Through Support

EURGBP TECHS
BulletForeign Exchange Technical AnalysisForeign Exchange Bullets
  • 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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  • 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.