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EURGBP TECHS: Pivot Resistance Remains Intact

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8474 High Jan 20 and a key resistance    
  • RES 3: 0.8420 76.4% retracement of the Jan 20 - Feb 3 bear leg  
  • RES 2: 0.8388 61.8% retracement of the Jan 20 - Feb 3 bear leg  
  • RES 1: 0.8378 High Jan 6   
  • PRICE: 0.8342 @ 16:05 GMT Feb 12 
  • SUP 1: 0.8297/8248 Low Feb 4 / 3 and a bear trigger
  • SUP 2: 0.8223 Low Dec 19 and a key support  
  • SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range   
  • SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg

EURGBP is in consolidation mode. Gains last week appear to have undermined a recent bearish threat, however, the pullback from the Feb 6 high does highlight a developing bearish threat. 0.8378, the Jan 6 high, has been defined as a ley short-term resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a continuation lower would open 0.8248, the Feb 3 low and bear trigger.    

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  • RES 4: 0.8474 High Jan 20 and a key resistance    
  • RES 3: 0.8420 76.4% retracement of the Jan 20 - Feb 3 bear leg  
  • RES 2: 0.8388 61.8% retracement of the Jan 20 - Feb 3 bear leg  
  • RES 1: 0.8378 High Jan 6   
  • PRICE: 0.8342 @ 16:05 GMT Feb 12 
  • SUP 1: 0.8297/8248 Low Feb 4 / 3 and a bear trigger
  • SUP 2: 0.8223 Low Dec 19 and a key support  
  • SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range   
  • SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg

EURGBP is in consolidation mode. Gains last week appear to have undermined a recent bearish threat, however, the pullback from the Feb 6 high does highlight a developing bearish threat. 0.8378, the Jan 6 high, has been defined as a ley short-term resistance. Clearance of it would strengthen a bullish condition and signal scope for a stronger recovery. For bears, a continuation lower would open 0.8248, the Feb 3 low and bear trigger.