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Pullback Considered Corrective

EURGBP TECHS
  • RES 4: 0.8526 76.4% retracement of the Dec 8 - Feb 3 downleg
  • RES 3: 0.8512 High Dec 22
  • RES 2: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 1: 0.8478 High Feb 7
  • PRICE: 0.8385 @ C15:34 GMT Feb 11
  • SUP 1: 0.8389 Low 20-day EMA
  • SUP 2: 0.8285 Low Feb 3
  • SUP 3: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg

EURGBP is consolidating and short-term pullbacks are considered corrective. The outlook remains bullish following the Jan 3 rebound from a major area of support. 0.8300 is the base of a multi-year range, in place since 2016 and 0.8282/77 marks the Feb’20 and Dec’19 lows. The reversal from these key chart points highlight both a S/T and potentially a M/T reversal. Sights are on 0.8480 next, a Fibonacci retracement.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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