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Outlook Remains Bearish

EURGBP TECHS
  • RES 4: 0.8624/58 High Oct 1 / High Sep 29
  • RES 3: 0.8573 High Oct 4
  • RES 2: 0.8511 50-day EMA
  • RES 1: 0.8476 High Oct 26
  • PRICE: 0.8461 @ 06:21 BST Oct 29
  • SUP 1: 0.8403 Low Oct 26
  • SUP 2: 0.8357/56 1.0% 10-dma envelope / Low Feb 26, 2020
  • SUP 3: 0.8339 Low Feb 25, 2020
  • SUP 4: 0.8282 Feb 2020 low and a major support

EURGBP traded lower Tuesday but has since found support and remains in its recent consolidative range. For bears, the cross has breached 0.8422, Oct 21/22 low and this reinforces bearish conditions, signalling scope for weakness below 0.8400 towards 0.8357, a vol based support and 0.8356, the Feb 26, 2020 low. Note that price is also approaching the base of a broad multi-year range at 0.8300. Initial firm resistance is 0.8476.

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