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Holding On To Recent Gains

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8478 50-day EMA
  • RES 1: 0.8453 High Aug 5
  • PRICE: 0.8445@ 18:09 BST Aug 8
  • SUP 1: 0.8340 Low Aug 2
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8233 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8203 Low Mar 7 and a key support

EURGBP is holding on to its latest gains following the bounce from 0.8340, the Aug 2 low. The outlook is bearish and gains are considered corrective. Recent weakness has reinforced this theme and established a price sequence of lower lows and lower highs. Moving average studies are in bear mode too. A continuation lower would open 0.8313, Apr 22 low. Initial firm resistance is 0.8478, the 50-day EMA.

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  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8478 50-day EMA
  • RES 1: 0.8453 High Aug 5
  • PRICE: 0.8445@ 18:09 BST Aug 8
  • SUP 1: 0.8340 Low Aug 2
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8233 2.0% 10-dma envelope and low Apr 14
  • SUP 4: 0.8203 Low Mar 7 and a key support

EURGBP is holding on to its latest gains following the bounce from 0.8340, the Aug 2 low. The outlook is bearish and gains are considered corrective. Recent weakness has reinforced this theme and established a price sequence of lower lows and lower highs. Moving average studies are in bear mode too. A continuation lower would open 0.8313, Apr 22 low. Initial firm resistance is 0.8478, the 50-day EMA.