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Outlook Remains Bullish

  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8881 Trendline drawn from the Feb 3 high
  • RES 1: 0.8829 High Mar 30
  • PRICE: 0.8800 @ 16:41 BST Mar 31
  • SUP 1: 0.8771 Low Mar 28
  • SUP 2: 0.8719 Low Mar 15 and key support
  • SUP 3: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 4: 0.8691 Low Dec 19

EURGBP remains in consolidation mode and the cross continues to trade below 0.8866, the Mar 23 high. Recent gains, between Mar 15 - 23, highlight a bullish picture and attention is on a key short-term trendline resistance at 0.8881. The trendline is drawn from the Feb 3 high and a break would strengthen bullish conditions. Key support to watch is unchanged at 0.8719, Mar 15 low. Clearance of this level would instead reinstate a bearish theme.

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