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Fresh Multiyear Lows

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8432 50-day EMA
  • RES 2: 0.8383/8419 20-day EMA / High Jan 3
  • RES 1: 0.8379 High Jan 18
  • PRICE: 0.8330 @ 16:33 GMT Jan 19
  • SUP 1: 0.8313 Low Jan 19, 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 failed to hold onto the Tuesday high and traded to fresh multiyear lows of 0.8313 on the pullback. This keeps the outlook bearish and attention is on the major support and bear triggers at 0.8282/77, marking the Feb’20 and Dec’19 lows. The focus is also on the base of a broad multi-year range at 0.8300. This level represents a key pivot chart point and if cleared, would highlight an important range breakout. Initial firm resistance is at 0.8379, Tuesday’s high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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