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Pullback Appears To Be A Correction

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 0.8715 High Dec 28
  • RES 3: 0.8677 76.4% retracement of the Nov 20 ‘23 - Jul 17 bear leg
  • RES 2: 0.8645 High Apr 23 and a key resistance
  • RES 1: 0.8625 High AUg 8
  • PRICE: 0.85664 @ 06:13 BST Aug 9
  • SUP 1: 0.8517 Low Aug 5
  • SUP 2: 0.8490 20-day EMA
  • SUP 3: 0.8480 50-day EMA
  • SUP 4: 0.8418 Low Aug 1

EURGBP maintains a firmer tone and Thursday’s pullback appears to be a correction. The latest rally has resulted in the break of a number of key resistance points, cancelling a recent bearish theme and highlighting potential for 0.8645, the Apr 23 high and a key resistance. Initial firm support to watch lies at 0.8480, the 50-day EMA. First support lies at 0.8517, the Aug 5 low. A retracement would allow an overbought condition to unwind.

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  • RES 4: 0.8715 High Dec 28
  • RES 3: 0.8677 76.4% retracement of the Nov 20 ‘23 - Jul 17 bear leg
  • RES 2: 0.8645 High Apr 23 and a key resistance
  • RES 1: 0.8625 High AUg 8
  • PRICE: 0.85664 @ 06:13 BST Aug 9
  • SUP 1: 0.8517 Low Aug 5
  • SUP 2: 0.8490 20-day EMA
  • SUP 3: 0.8480 50-day EMA
  • SUP 4: 0.8418 Low Aug 1

EURGBP maintains a firmer tone and Thursday’s pullback appears to be a correction. The latest rally has resulted in the break of a number of key resistance points, cancelling a recent bearish theme and highlighting potential for 0.8645, the Apr 23 high and a key resistance. Initial firm support to watch lies at 0.8480, the 50-day EMA. First support lies at 0.8517, the Aug 5 low. A retracement would allow an overbought condition to unwind.