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Major Support Holds

  • RES 4: 0.8526 76.4% retracement of the Dec 8 - Feb 3 downleg
  • RES 3: 0.8512 High Dec 22
  • RES 2: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 1: 0.8443 50.0% retracement of the Dec 8 - Feb 3 downleg
  • PRICE: 0.8433 @ 06:24 GMT Feb 4
  • SUP 1: 0.8362 20-day EMA
  • SUP 2: 0.8285 Low Feb 3
  • SUP 3: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg

EURGBP traded lower yesterday, below 0.8300, before rebounding sharply. The cross is firmer again today. Price has bounced ahead of a major area of support, with 0.8300 representing the base of a multi-year range the cross has been trading within since 2016. 0.8282/77 marks the Feb’20 and Dec’19 lows. The reversal from this key area of support suggests bullish activity will likely persist near-term. Sights are on 0.8443 next, a Fibonacci retracement.

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