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Fibonacci Retracement Remains Exposed

EURGBP TECHS
  • RES 4: 0.8731 High Feb 26
  • RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 2: 0.8646/72 High Jun 1 / High May 25
  • RES 1: 0.8602/29 High Jun 21 / High Jun 15
  • PRICE: 0.8574 @ 06:00 BST Jun 25
  • SUP 1: 0.8530/31 Low June 23 / 76.4% of the Apr 5 - 26 rally
  • SUP 2: 0.8487 1.0% 10-dma envelope
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8401 2.0% 10-dma envelope

The EURGBP outlook is unchanged and remains bearish. Support at 0.8561, May 12 low was breached Jun 17. This signalled the end of the recent consolidation and strengthened a bearish case. The focus is on 0.8531, 76.4% of the Apr 5 - 26 rally that has been tested. A break would expose key support at 0.8472, Apr 5 low. Initial firm resistance has been defined at 0.8602, Jun 21 high where a break would ease the bearish threat.

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