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Key Short-Term Support Remains Exposed

  • RES 4: 0.8867 High Oct 12
  • RES 3: 0.8829 High Nov 09 and the bull trigger
  • RES 2: 0.8776 High Nov 16
  • RES 1: 0.8683 50-day EMA
  • PRICE: 0.8593 @ 06:48 GMT Nov 28
  • SUP 1: 0.8572 Low Nov 24
  • SUP 2: 0.8560/59 Low Oct 31 / 76.4% of Aug 2 - Sep 26 rally
  • SUP 3: 0.8522 Low Aug 30
  • SUP 4: 0.8471 Low Aug 28

EURGBP is unchanged and the outlook remains bearish. Attention is on the Oct 31 low of 0.8560, where a break would strengthen a bearish theme. This would open 0.8522, the Aug 30 low. Note that moving average studies remain in a bull mode position and this suggests that the broader uptrend is intact. A break of 0.8560 would threaten this bullish theme. Key resistance is at 0.88290, the Nov 9 high.

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