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Moving Averages Studies Highlight A Downtrend

EURGBP TECHS
  • RES 4: 0.8676 High Jan 3
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8593 High Jan 19
  • RES 1: 0.8555/78 High Mar 12 / High Feb 20 and key resistance
  • PRICE: 0.8542 @ 06:17 GMT Mar 13
  • SUP 1: 0.8504 Low Mar 08
  • 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

The broader trend direction in EURGBP is down and moving average studies continue to highlight a bear trend. Attention is on key support at 0.8493, the Aug 23 low. Clearance of this level would confirm a resumption of the trend and signal scope for 0.8454, a Fibonacci retracement. For bulls, key resistance is unchanged at 0.8578, the Feb 20 high. A break of this level would highlight a reversal.

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