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EURGBP TECHS: Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8525 High Jun 6  
  • RES 3: 0.8499 High Jul 1 and a key resistance 
  • RES 2: 0.8478 High Jul 5
  • RES 1: 0.8458/61 50-day EMA / High Jul 29
  • PRICE: 0.8442 @ 16:14 BST Aug 1
  • SUP 1: 0.8393/83 Low Jul 25 / 17 and the bear trigger  
  • SUP 2: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 3: 0.8333 1.0% 10-dma envelope
  • SUP 4: 0.8279 3.00 proj of the Apr 23 - 30 - May 9 price swing

EURGBP is in consolidation mode. Recent gains appear to be corrective in nature and a bearish theme is intact. The move down earlier this month resulted in a print below 0.8397, the Jun 14 low and a bear trigger. A clear break of this price level would confirm a resumption of the medium-term downtrend and open 0.8366, a Fibonacci projection. The next firm resistance is seen at 0.8458, the 50-day EMA. 

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