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Needle Still Points South

  • RES 4: 0.9093 High Dec 29
  • RES 3: 0.9085 High Jan 6
  • RES 2: 0.8965/96 50-day EMA / High Jan 12
  • RES 1: 0.8925 High Jan 18
  • PRICE: 0.8830 @ 06:00 GMT Jan 29
  • SUP 1: 0.8813 Low Jan 27
  • SUP 2: 0.8808 Low May 13, 2020
  • SUP 3: 0.8759 Low May 12, 2020
  • SUP 4: 0.8698 2.0% 10-dma envelope

EURGBP traded lower Wednesday, extending the current downtrend. A bearish theme remains in place and further weakness is seen likely with the focus on the 0.8800 handle and 0.8759. The latter is the May 12, 2020 low. Moving average studies are also pointing south reinforcing current trend conditions. On the upside, resistance has been defined at 0.8925, the Jan 18 high where a break is required to ease the bearish pressure.

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