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EURGBP TECHS: Trading Below Tuesday’s High

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: 0.8363/76 50-day EMA / High Nov 19
  • PRICE: 0.8328 @ 06:47 GMT Nov 22 
  • SUP 1: 0.8307/8260 Low Nov 14 / 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 continues to trade below Tuesday’s high. Attention remains on a bullish engulfing candle pattern on Nov 12 that highlights a potential reversal. The 20-day EMA has been breached and this exposes the next key resistance at 0.8363, the 50-day EMA (pierced). A clear break of the average would open 0.8404, a Fibonacci retracement. For bears, a reversal lower would refocus attention on key support at 0.8260, Nov 11 low.

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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: 0.8363/76 50-day EMA / High Nov 19
  • PRICE: 0.8328 @ 06:47 GMT Nov 22 
  • SUP 1: 0.8307/8260 Low Nov 14 / 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 continues to trade below Tuesday’s high. Attention remains on a bullish engulfing candle pattern on Nov 12 that highlights a potential reversal. The 20-day EMA has been breached and this exposes the next key resistance at 0.8363, the 50-day EMA (pierced). A clear break of the average would open 0.8404, a Fibonacci retracement. For bears, a reversal lower would refocus attention on key support at 0.8260, Nov 11 low.