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Key Resistance Intact For Now

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 and key resistance
  • RES 3: 0.8659 High Jul 21
  • RES 2: 0.8614/18 High Sep 7 / 76.4% of the Jul 20 - Aug 10 sell-off
  • RES 1: 0.8613 High Sep 23
  • PRICE: 0.8582 @ 06:10 BST Sep 23
  • SUP 1: 0.8560 20-day EMA
  • SUP 2: 0.8502/01 76.4% of the Aug 10 - Sep 7 rally / Low Sep 16
  • SUP 3: 0.8484 Low Aug 16
  • SUP 4: 0.8467/50 1.0% 10-dma envelope / Low Aug 10

EURGBP traded higher again yesterday but failed to hold onto session highs and remains below key resistance at 0.8614, Sep 7 high. A break of this resistance would represent an important bullish development and signal scope for a stronger rally. For bears, a resumption of weakness would refocus attention on 0.8501, Sep 16 low. A break of this support would expose 0.8484, Aug 16 low ahead of 0.8450, Aug 10 low and the bear trigger.

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