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Pierces The Bull Trigger

EURGBP TECHS
  • RES 4: 0.8852 50.0% retracement of the 2020 - 2022 downleg
  • RES 3: 0.8840 High Feb 2
  • RES 2: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
  • RES 1: 0.8729 Intraday high
  • PRICE: 0.8717 @ 06:20 BST Sep 16
  • SUP 1: 0.8605 20-day EMA
  • SUP 2: 0.8567 Low Sep 6 and a key short-term support
  • SUP 3: 0.8543 50-day EMA
  • SUP 4: 0.8471 Low Aug 29

EURGBP has recovered from Wednesday’s low and is trading at this week’s highs. The outlook remains bullish and attention is on key resistance at 0.8721, the Jun 15 high and an important bull trigger. This level has been pierced. A clear break of it would confirm a resumption of the bull cycle that started early March and open 0.8811, a Fibonacci projection. On the downside, initial firm support is seen at 0.8605, the 20-day EMA.

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