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EURGBP TECHS

Bullish Outlook

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(M2) Trend Needle Still Points South

BTP TECHS
  • RES 4: 133.53 High Apr 28
  • RES 3: 131.61 High Apr 29
  • RES 2: 130.61 20-day EMA
  • RES 1: 130.03 High May 5
  • PRICE: 128.90 @ Close May 11
  • SUP 1: 125.54 Low May 9 and the bear trigger
  • SUP 2: 125.02 1.236 proj of the Mar 1 - 29 - 31 price swing
  • SUP 3: 124.02 Low Mar 18 2020 (cont) and a major support
  • SUP 4: 123.41 1.382 proj of the of the Mar 1 - 29 - 31 price swing

The trend condition in BTP futures is unchanged and the outlook remains bearish - a fresh cycle low print on Monday reinforced this theme. The move lower maintains the broader bearish price sequence of lower lows and lower highs that defines a downtrend. Moving average studies are in a bear mode too and the focus is on 125.02 next, a Fibonacci projection. Gains are considered corrective, firm short-term resistance is at 133.53, Apr 28 high.

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  • RES 4: 133.53 High Apr 28
  • RES 3: 131.61 High Apr 29
  • RES 2: 130.61 20-day EMA
  • RES 1: 130.03 High May 5
  • PRICE: 128.90 @ Close May 11
  • SUP 1: 125.54 Low May 9 and the bear trigger
  • SUP 2: 125.02 1.236 proj of the Mar 1 - 29 - 31 price swing
  • SUP 3: 124.02 Low Mar 18 2020 (cont) and a major support
  • SUP 4: 123.41 1.382 proj of the of the Mar 1 - 29 - 31 price swing

The trend condition in BTP futures is unchanged and the outlook remains bearish - a fresh cycle low print on Monday reinforced this theme. The move lower maintains the broader bearish price sequence of lower lows and lower highs that defines a downtrend. Moving average studies are in a bear mode too and the focus is on 125.02 next, a Fibonacci projection. Gains are considered corrective, firm short-term resistance is at 133.53, Apr 28 high.