February 16, 2024 19:00 GMT
Key Short-Term Resistance Remains Intact
EURGBP TECHS
- RES 4: 0.8676 High Jan 3
- RES 3: 0.8620 High Jan 20
- RES 2: 0.8581 50-day EMA and key near-term resistance
- RES 1: 0.8572 High Feb 5
- PRICE: 0.8555 @ 16:25 GMT Feb 16
- SUP 1: 0.8493 Low Aug 23 2023 and a key medium-term support
- SUP 2: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 3: 0.8388 Low Aug 17 2023
- SUP 4: 0.8340 Low Aug 2 2022
The latest bounce in EURGBP appears to be a correction. A bearish trend condition remains intact and the cross traded to fresh cycle lows this week, breaching support at 0.8513, the Jan 29 low. The break confirms a resumption of the bear cycle with the next objective at 0.8493, the Aug 23 ‘23 low and a key support. Key near-term resistance to watch is 0.8581, the 50-day EMA. A clear break of the average would be a bullish development.
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