January 28, 2025 19:00 GMT
EURGBP TECHS: Pierces The 20-Day EMA
EURGBP TECHS
- RES 4: 0.8545 High Aug 21
- RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg
- RES 2: 0.8494 High Aug 26 ‘24
- RES 1: 0.8474 High Jan 20 and the bull trigger
- PRICE: 0.8384 @ 16:21 GMT Jan 28
- SUP 1: 0.8387/80 20-day EMA / Low Jan 28
- SUP 2: 0.8356 50-day EMA
- SUP 3: 0.8284 Low Jan 8
- SUP 4: 0.8263 Low Dec 31
A bull cycle in EURGBP remains intact and the latest pullback is considered corrective. Moving average studies are in a bull-mode position, highlighting a dominant short-term uptrend. Support levels to watch are; 0.8387, the 20-day EMA (pierced), and 0.8356, the 50-day EMA. A clear breach of this support zone would highlight a stronger reversal. The bull trigger is 0.8474, the Jan 20 high. A move through this level would resume the uptrend.
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