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Holding Below Near-Term Resistance

EURO-STERLING TECHS
  • RES 4: 0.9388 Mar 23 high
  • RES 3: 0.9305 76.4% retracement of the Mar - Apr sell-off
  • RES 2: 0.9292 High Sep 11 and the bull trigger
  • RES 1: 0.9220 High Sep 22
  • PRICE: 0.9138 @ 10:37 BST Sep 25
  • SUP 1: 0.9113 Low Sep 24
  • SUP 2: 0.9083 Low Sep 17 and the bear trigger
  • SUP 3: 0.9075 Low Sep 10
  • SUP 4: 0.9060 50-day EMA

A bearish EURGBP outlook remains intact. Key S/T resistance has been defined at 0.9220. Price gains recently stalled ahead of 0.9305, 76.4% of the Mar - Apr sell-off. This 0.9292, Sep 11 high to 0.9305 zone remains a key resistance. A deeper pullback would open 0.9075, Sep 10 low and 0.9060, the 50-day EMA. On the upside, clearance of 0.9220 though would likely signal scope for a test of key resistance instead.

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