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Gains Considered Corrective

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: 0.8618/29 High Jul 8 and key resistance / High Jun 15
  • PRICE: 0.8573 @ 16:16 BST Jul 9
  • SUP 1: 0.8530/31 Low June 23 / 76.4% of the Apr 5 - 26 rally
  • SUP 2: 0.8494 1.0% 10-dma envelope
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP traded higher Thursday. Despite Thursday's climb, the outlook remains bearish. The cross did probe resistance at 0.8616, the Jul 1 high. A clear break is required to threaten the bearish theme. Attention is on 0.8531, 76.4% of the Apr 5 - 26 rally and just above the Jun 23 low. Clearance of this level would strengthen a bearish case and expose key support at 0.8472, Apr 5 low.

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

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