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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: 0.8578 High Feb 20
  • PRICE: 0.8541 @ 16:35 GMT Feb 23
  • 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 sell-on-rallies theme was evident in EURGBP across both the Tuesday and Thursday sessions, retaining the view that S/T strength is corrective in the cross. A bearish trend condition remains intact and the cross traded to fresh cycle lows last 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 0.8578, the 50-day EMA. A clear break of the average would be a bullish development.

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