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Holding Onto Recent Gains

EURGBP TECHS
  • RES 4: 0.8610 High Jul 22
  • RES 3: 0.8585 High Jul 23
  • RES 2: 0.8558 High Aug 2 and a key S/T resistance
  • RES 1: 0.8537/49 High Aug 17 / 50-day EMA
  • PRICE: 0.8525 @ 06:18 BST Aug 18
  • SUP 1: 0.8484/50 Low Aug 16 / Low Aug 10 and the bear trigger
  • SUP 2: 0.8430 Low Feb 27, 2020
  • SUP 3: 0.8409 1.0% 10-dma envelope
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP is holding onto recent gains and the cross is testing the 20-day EMA. Further gains would open the 50-day EMA at 0.8549. From a trend perspective, the outlook remains bearish. The recent print down at 0.8450 marks the lowest level since February last year and flags scope for losses toward vol band support at 0.8408 and the Feb 27, 2020 low at 0.8430. Key near-term resistance is 0.8558, Aug 2 high.

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