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Modest Bounce

EURGBP TECHS
  • RES 4: 0.8777 2.0% 10-dma envelope and high Feb 12
  • RES 3: 0.8731 High Feb 26
  • RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
  • RES 1: 0.8672 High May 25
  • PRICE: 0.8630 @ 16:56 BST Jun 9
  • SUP 1: 0.8565/61 Low Jun 4 / Low May 12
  • SUP 2: 0.8531 76.4% retracement of the Apr 5 - 26 rally
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8439 2.0% 10-dma envelope

EURGBP traded higher into the Wednesday close, but gains are muted for now, with price action topping out at 0.8638 so far. The broader outlook remains bearish, however, following the move lower between May 25 - 28. Initial resistance has been defined at 0.8672, May 25 high and attention is on support at 0.8561, May 12 low where a break would strengthen a bearish case and expose 0.8531, a Fibonacci retracement ahead of key support at 0.8472, Apr 5 low. On the upside, a move above 0.8672 alters the picture.

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