May 27, 2024 05:32 GMT
Monitoring Key Support
EURGBP TECHS
- RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8656 1.0% 10-dma envelope
- RES 2: 0.8645 High Apr 23 and the bull trigger
- RES 1: 0.8557/8621 20-day EMA / High May 9
- PRICE: 0.8515 @ 06:30 BST May 27
- SUP 1: 0.8500 Key pivot support level
- SUP 2: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 4: 0.8408 Low Aug 24 2023
EURGBP is unchanged and remains soft with the cross trading closer to its recent lows. The latest impulsive bear leg has exposed key pivot support at the 0.8500 handle, a level tested numerous times over the past twelve months. An important support zone also lies between 0.8498, the Feb 14 low, and 0.8493, Aug 23 ‘23 low. A clear break of these price points would strengthen a bearish theme. Initial firm resistance is 0.8561, the 20-day EMA.
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