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Probes Key Resistance

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20
  • RES 3: 0.8658 High Sep 29 and a key resistance
  • RES 2: 0.8624 High Oct 1
  • RES 1: 0.8597 High Dec 8
  • PRICE: 0.8575 @ 06:23 GMT Dec 9
  • SUP 1: 0.8559/8489 20-day EMA
  • SUP 2: 0.8446 High Dec 6 / Low Dec 7 and a key S/T support
  • SUP 3: 0.8411/8381 Low Nov 26 / Low Nov 22 and the bear trigger
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP rallied Wednesday as GBP weakness was prevalent across markets. The strong reversal confirms a resumption of the recent uptrend and the cross has tested the key short-term resistance at 0.8595, Nov 5 high. A clear break of this level would pave the way for strength towards 0.8658, the Sep 29 high. A key short-term support has been defined at 0.8489, Tuesday’s low. A break of this level would be bearish.

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