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Holding On To The Bulk Of This Week’s Gains

  • RES 4: 0.8814 High May 4
  • RES 3: 0.8768 High Nov 20 and key resistance
  • RES 2: 0.8716 76.4% retracement of the Nov 20 - Dec 11 sell-off
  • RES 1: 0.8686 High Dec 21
  • PRICE: 0.8664 @ 15:33 GMT Dec 22
  • SUP 1: 0.8618 Low Dec 20
  • SUP 2: 0.8571/8549 Low Dec 15 / 11 and the bear trigger
  • SUP 3: 0.8524 Low Sep 5
  • SUP 4: 0.8493 Low Aug 23 and a key support

EURGBP has traded sharply higher this week and in the process breached resistance at 0.8647, the 50-day EMA. A clear break of this average highlights a stronger short-term reversal and signals potential for a continuation higher. Sights are on 0.8716 next, a Fibonacci retracement point. On the downside, key support is unchanged at 0.8549, the Dec 11 low. Initial support is seen at 0.8618, the Dec 20 low.

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