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Holding On To This Week’s Gains

EURGBP TECHS
  • RES 4: 0.8992 61.8% retracement of the Sep 26 - Dec 1bear leg
  • RES 3: 0.8979 High Feb 3 and the bull trigger
  • RES 2: 0.8929 High Feb 17
  • RES 1: 0.8879/97 Trendline drawn from the Feb 3 high / High Mar 01
  • PRICE: 0.8863 @ 06:14 GMT Mar 3
  • SUP 1: 0.8817 50-day EMA
  • SUP 2: 0.8755 Low Feb 28 and key support and 100-dma
  • SUP 3: 0.8722 Low Jan 19 and a key support
  • SUP 4: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg

EURGBP is holding on to this week’s gains. The cross remains above the 20- and 50-day EMAs and has tested resistance at 0.8879, a trendline drawn from the early February highs. A continuation higher would highlight a potential reversal and expose 0.8929, Feb 17 high. Note that moving average studies are in a bull mode position. On the downside, a break of 0.8755, the Feb 28 low is required to reinstate the recent downleg.

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