Narrowing Gap With Bear Trigger

• RES 4: 0.8701 High Jul 19 and a key resistance
• RES 3: 0.8669 High Aug 11
• RES 2: 0.8632 100-dma
• RES 1: 0.8590/8611 50-day EMA / High Aug 30
• PRICE: 0.8528 @ 16:22 BST Sep 5
• SUP 1: 0.8527 Low Sep 05
• SUP 2: 0.8493 Low Aug 23 and the bear trigger
• SUP 3: 0.8480 1.0% 10-dma envelope
• SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

EURGBP maintains a softer short-term tone and is trading below last week’s high of 0.8611, on Aug 30. The cross has failed to remain above the 50-day EMA - at 0.8590. A break of this average and 0.8611 is required to strengthen a short-term bullish theme that would open 0.8669, the Aug 11 high. For now, moving average studies continue to highlight a medium-term downtrend, the bear trigger lies at 0.8493, Aug 23 low. A break would resume the downtrend.