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Holding Above Support

EURO-STERLING TECHS
  • RES 4: 0.9292 High Sep 11 and the bull trigger
  • RES 3: 0.9220 High Sep 22 and a key near-term resistance
  • RES 2: 0.9181 High Sep 24
  • RES 1: 0.9136/57 Trendline drawn off the Sep 11 high / High Sep 30
  • PRICE: 0.9078 @ 05:48 BST Oct 6
  • SUP 1: 0.9044 Low Sep 29 / Oct 2
  • SUP 2: 0.9025 Low Sep 28 and the bear trigger
  • SUP 3: 0.9000 Round number support
  • SUP 4: 0.8967 76.4% retracement of the Sep 3 - 11 rally

EURGBP traded higher Monday. Last week's price action defined key support at 0.9025, Sep 28 low. Activity on Sep 28 highlights a potential reversal pattern, a doji candle. To reinforce this, the cross needs to clear the initial key hurdle at 0.9136/57, trendline resistance drawn off the Sep 11 high and the Sep 30 high. This would open 0.9220, Sep 22 high. Weakness below 0.9025 reinstates a bearish threat and would open 0.9000 and below.

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