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MA Studies Remain In A Bear-Mode Position

EURGBP TECHS
  • RES 4: 0.8715 High Dec 28 and the bull trigger
  • RES 3: 0.8676 High Jan 3
  • RES 2: 0.8620 High Jan 20
  • RES 1: 0.8572/8593 High Feb 5 and 6 / 50-day EMA
  • PRICE: 0.8536 @ 15:56 GMT Feb 9
  • SUP 1: 0.8513 Low Jan 29 and the bear trigger
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

A bearish theme in EURGBP remains intact. Moving average studies remain in a bear-mode position and this continues to highlight a dominant downtrend. The break in January of support at 0.8549, the Dec 11 low, strengthened current conditions and sights are on 0.8493, the Aug 23 ‘23 low and a key support. The 50-day EMA - at 0.8593 - is the firm resistance to watch. A clear break of it would concern bears.

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