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EURGBP TECHS: Trading Above Support

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8464 High Sep 11 and key resistance  
  • RES 2: 0.8453 High Sep 18
  • RES 1: 0.8434 High Oct 3  
  • PRICE: 0.8372 @ 16:28 BST Oct 9
  • SUP 1: 0.8353/11 Low Oct 4 / 1 and a key short-term support   
  • SUP 2: 0.8276 3.382 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 3: 0.8250 Low Apr 14 ‘22
  • SUP 4: 0.8203 Low Mar 7 2022 and a major support   

The Oct 3 rally in EURGBP highlights a possible reversal. Note that the cross is trading close to the base of its 0.9300 - 0.8300 multi-year range and a key area of support. For now, moving average studies are unchanged and remain in a bear-mode position - this continues to highlight a dominant downtrend. Key support is at 0.8311, the Oct 1 low. Key resistance is 0.8464, the Sep 11 high and a reversal trigger. First resistance to watch is 0.8434, Oct 23 high. 

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  • RES 4: 0.8494 High Aug 26
  • RES 3: 0.8464 High Sep 11 and key resistance  
  • RES 2: 0.8453 High Sep 18
  • RES 1: 0.8434 High Oct 3  
  • PRICE: 0.8372 @ 16:28 BST Oct 9
  • SUP 1: 0.8353/11 Low Oct 4 / 1 and a key short-term support   
  • SUP 2: 0.8276 3.382 projection of the Aug 8 - 13 - 14 price swing 
  • SUP 3: 0.8250 Low Apr 14 ‘22
  • SUP 4: 0.8203 Low Mar 7 2022 and a major support   

The Oct 3 rally in EURGBP highlights a possible reversal. Note that the cross is trading close to the base of its 0.9300 - 0.8300 multi-year range and a key area of support. For now, moving average studies are unchanged and remain in a bear-mode position - this continues to highlight a dominant downtrend. Key support is at 0.8311, the Oct 1 low. Key resistance is 0.8464, the Sep 11 high and a reversal trigger. First resistance to watch is 0.8434, Oct 23 high.