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Pierces The 50-Day EMA

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8897 High Jan 13 and the bull trigger
  • PRICE: 0.8754 @ 15:00 GMT Jan 18
  • SUP 1: 0.8738 Intraday low
  • SUP 2: 0.8691 Low Dec 19
  • SUP 3: 0.8646 High Dec 8
  • SUP 4: 0.8593 Low Dec 15

EURGBP has traded lower today, extending Tuesday’s bearish session. The cross has traded below the 50-day EMA, at 0.8756. This represents a key short-term support and a clear break of it would undermine the recent bull phase and signal scope for a deeper retracement. This would open 0.8691 initially, the Dec 19 low. On the upside, key short-term resistance has been defined at 0.8897, the Jan 13 high.

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