February 14, 2025 07:09 GMT
EURGBP TECHS: Key Short-Term Resistance Still Intact
EURGBP TECHS
- RES 4: 0.8474 High Jan 20 and a key resistance
- RES 3: 0.8420 76.4% retracement of the Jan 20 - Feb 3 bear leg
- RES 2: 0.8388 61.8% retracement of the Jan 20 - Feb 3 bear leg
- RES 1: 0.8378 High Jan 6
- PRICE: 0.8229 @ 07:08 GMT Feb 14
- SUP 1: 0.8297/8248 Low Feb 4 / 3 and a bear trigger
- SUP 2: 0.8223 Low Dec 19 and a key support
- SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range
- SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg
EURGBP is in consolidation mode. The recent move higher still appears to have undermined a bearish threat, however. 0.8378, the Jan 6 high, has been defined as a key short-term pivot resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a resumption of bearish price action would once again refocus attention on 0.8248, the Feb 3 low and bear trigger.
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