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Finds Resistance At The 50-Day EMA

EURGBP TECHS
  • RES 4: 0.8553 High Dec 10 and 14
  • RES 3: 0.8498 High Dec 23
  • RES 2: 0.8465 High Dec 24
  • RES 1: 0.8420/23 50-day EMA / High Jan 24
  • PRICE: 0.8408 @ 16:28 GMT Jan 24
  • SUP 1: 0.8351/8305 Low Jan 24 / Low Jan 20, lowest since 2020
  • SUP 3: 0.8300 Base of the multi-year broad range
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg

EURGBP is recovering off the multiyear low of 0.8305, Jan 20 low. The cross has so far stalled at the 50-day EMA, at 0.8420. Gains are considered corrective and the trend remains down. A resumption of weakness would refocus attention on the major support and bear triggers at 0.8282/77, the Feb’20 and Dec’19 lows plus the base of a broad multi-year range at 0.8300. For bulls, clearance of the 50-day EMA would allow for a stronger correction.

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