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Meeting Resistance

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1
  • RES 3: 0.8595 High Nov 5 and a key resistance
  • RES 2: 0.8574 High Nov 11
  • RES 1: 0.8544/48 High Dec 3 / 76.4 retracement of the Nov sell-off
  • PRICE: 0.8541 @ 17:11 GMT Dec 3
  • SUP 1: 0.8473 20-day EMA
  • SUP 2: 0.8411/8381 Low Nov 26 / Low Nov 22
  • SUP 3: 0.8356 Low Feb 26, 2020
  • SUP 4: 0.8339 Low Feb 25, 2020

EURGBP rallied well Friday, narrowing the gap with recent highs and testing first key support at 0.8544. Recent gains are still considered corrective though. Trend conditions are bearish and the focus is on 0.8356 next, Feb 26, 2020 low. A break of the Fib retracement would suggest scope for a stronger recovery and expose 0.8574 initially, the Nov 11 high. First support to watch is 0.8471.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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