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Focus Is On Key Support

EURO-STERLING TECHS
  • RES 4: 0.9162 High Oct 7
  • RES 3: 0.9155 1.0% 10-dma envelope
  • RES 2: 0.9149 Oct 20 high
  • RES 1: 0.90783 20-day EMA
  • PRICE: 0.9036 @ 06:01 BST Oct 23
  • SUP 1: 0.9012 Low Oct 21
  • SUP 2: 0.9007 Low Oct 14 and the bear trigger
  • SUP 3: 0.8967 76.4% retracement of the Sep 3 - 11 rally
  • SUP 4: 0.8925 Low Sep 7

EURGBP remains vulnerable following Wednesday's sharp move lower. The cross has moved below the 50-day EMA once again and attention is on support at 0.9007, Oct 14 low and the near-term bear trigger. A break of 0.9007 would confirm a resumption of the downtrend that started Sep11 and open 0.8967, a retracement point. Key resistance has been defined at 0.9149, Tuesday's high. The outlook is bearish below this level.

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