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MA Studies Remain In A Bear Mode Position

EURGBP TECHS
  • RES 4: 0.8676 High Jan 3
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8593 High Jan 19
  • RES 1: 0.8578 High Feb 20 and key short-term resistance
  • PRICE: 0.8547 @ 16:14 GMT Mar 07
  • SUP 1: 0.8524 Low Mar 07
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

EURGBP traded lower into the Thursday close and price remains below key resistance at 0.8578, the Feb 20 high. MA studies continue to highlight a downtrend, however, a break of 0.8578 would signal a possible reversal. The cross has pulled back from its recent highs, a deeper retracement would expose support and the bear trigger at 0.8493, the Aug 23 low. Clearance of this level would confirm a resumption of the trend and open 0.8454, a Fibonacci retracement.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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