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Maintains A Softer Tone

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8804/97 High Jan 18 / 13 and the bull trigger
  • PRICE: 0.8756 @ 15:59 GMT Jan 20
  • SUP 1: 0.8722 Low Jan 19
  • SUP 2: 0.8691 Low Dec 19
  • SUP 3: 0.8630 76.4% retracement of the Dec 1 - Jan 13 bull cycle
  • SUP 4: 0.8593 Low Dec 15

EURGBP maintains a softer tone following this week’s move lower. The cross has traded below the 50-day EMA, at 0.8755. The average represents a key short-term support and a clear break of it would undermine the recent bull phase and signal scope for a deeper retracement. This would open 0.8691 initially, the Dec 19 low. On the upside, key short-term resistance has been defined at 0.8897, the Jan 13 high.

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