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Outlook Remains Bearish

EURGBP TECHS
  • RES 4: 0.8996 High Jan 12
  • RES 3: 0.8925 High Jan 18 and key resistance
  • RES 2: 0.8907 50-day EMA
  • RES 1: 0.8840 High Feb 4
  • PRICE: 0.8789 @ 06:08 GMT Feb 12
  • SUP 1: 0.8739/11 Low Feb 5 and the bear trigger / Low May 11, 2020
  • SUP 2: 0.8691 Low May 5, 2020
  • SUP 3: 0.8671 Low Apr 30, 2020 and a key support
  • SUP 4: 0.8616 2.0% 10-dma envelope

EURGBP is unchanged and bears have paused for breath. The outlook is bearish and the cross is trading closer to recent lows. MA conditions are also in a bear mode and this reinforces the current trend set-up. The focus is on 0.8711 next, May 11 2020 low with scope too for a breach of the 0.8700 handle. On the upside, initial firm resistance is at 0.8840. A breach of this level would signal scope for a stronger corrective bounce.

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