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Key Support Remains Exposed

EURGBP TECHS
  • RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8645 High Apr 23 and the bull trigger
  • RES 2: 0.8621 1.0% High May 9 and 10-dma envelope
  • RES 1: 0.8547 20-day EMA
  • PRICE: 0.8511 @ 16:31 BST May 28
  • SUP 1: 0.8495 Low May 28
  • SUP 2: 0.8493 Low Aug 23 2023 and key support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8408 Low Aug 24 2023

EURGBP remains soft and the cross is trading just ahead of its recent lows. The latest impulsive bear leg has resulted in a print below key pivot support at the 0.8500 handle. An important support zone also lies between 0.8498, the Feb 14 low, and 0.8493, Aug 23 ‘23 low. A clear break of these price points would strengthen a bearish theme. Initial firm resistance is 0.8547, the 20-day EMA.

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