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Eyeing Support

EURGBP TECHS
  • RES 4: 0.8721 High Apr 26
  • RES 3: 0.8703 1.236 proj of the Aug 10 - Sep 7 - Sep 16 rally
  • RES 2: 0.8670 High Jul 20 and key resistance
  • RES 1: 0.8624/58 High Oct 1 / High Sep 29
  • PRICE: 0.8560 @ 06:23 BST Oct 4
  • SUP 1: 0.8544/26 Low Oct 01 / Low Sep 28
  • SUP 2: 0.8501 Low Sep 16
  • SUP 3: 0.8498/84 1.0% 10-dma envelope / Low Aug 16
  • SUP 4: 0.8450 Low Aug 10

EURGBP remains volatile and on Friday the cross extended Thursday's sharp reversal lower, removing a recent bull theme. The move lower refocuses attention on support at 0.8526, Sep 28 low and 0.8501 Sep 16 low. A break of the latter support would strengthen a bearish case and set the scene for a deeper sell-off towards 0.8450, Oct 8 low. On the upside, the cross needs to breach 0.8658, Sep 29 high to resume its recent upleg.

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