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Pierces Resistance

EURGBP TECHS
  • RES 4: 0.8678 38.2% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8607 23.6% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 1: 0.8602 High Mar 22
  • PRICE: 0.8584 @ 15:25 GMT Mar 22
  • SUP 1: 0.8530/8504 Low Mar 21 / 08
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

EURGBP rallied sharply higher again Friday and this resulted in a firm break of resistance at 0.8578, the Feb 20 high. The clear break of this hurdle highlights a range breakout and a potential reversal. This opens 0.8607, a Fibonacci retracement point. Moving average studies remain in a bear-mode position and continue to highlight a dominant downtrend. A reversal lower would expose the bear trigger at 0.8493, the Aug 23 2023 low.

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