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Pierces Trendline Resistance

EURGBP TECHS
  • RES 4: 0.8768 High MAy 5
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8701 High Jul 19 and a key resistance
  • RES 1: 0.8694 High Sep 21
  • PRICE: 0.8674 @ 20:30 BST Sep 21
  • SUP 1: 0.8594/69 50-day EMA / Low Sep 15 and a key support
  • SUP 2: 0.8524 Low Sep 06
  • SUP 3: 0.8516 1.0% 10-dma envelope
  • SUP 4: 0.8493 Low Aug 23 and the bear trigger

A short-term bull cycle in EURGBP remains in play and the cross traded to a fresh high yesterday. Price has recently breached resistance at 0.8611, the Aug 30 high, and the continuation higher has resulted in a print above 0.8679, trendline resistance drawn from the Feb 3 high and a key hurdle for bulls. A clear break of the trendline would strengthen bullish conditions. On the downside, initial firm support lies at 0.8569, the Sep 15 low.

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