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Move Lower Considered Corrective For Now

EURGBP TECHS
  • RES 4: 0.8678 38.2% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8607 23.6% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 1: 0.8586/8602 High Apr 05 / High Mar 22 and key resistance
  • PRICE: 0.8542 @ 06:31 BST Apr 12
  • SUP 1: 0.8530/8504 Low Mar 21 / 29 and Low Mar 8
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

A short-term bull cycle in EURGBP persists and the recent pullback - for now - appears to be a minor correction. A resumption of gains would refocus attention on key resistance at 0.8602, the Mar 22 high. Clearance of this hurdle would confirm a resumption of the recovery that started Feb 14 and open 0.8678, a Fibonacci retracement point. Support to watch is 0.8530, Mar 21 / 29 low. A break would instead be seen as a bearish development.

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