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Pullback Considered Corrective

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 2021
  • RES 3: 0.8658/61/58 High Sep 29 2021 / 2.0% 10-dma envelope
  • RES 2: 0.8643 High Sep 30 2021
  • RES 1: 0.8619 High May 12
  • PRICE: 0.8509 @ 16:36 BST May 13
  • SUP 1: 0.8493 Low May 12
  • SUP 2: 0.8468 High Apr 27 and a recent breakout level
  • SUP 3: 0.8410/8367 50-day EMA / Low May 2
  • SUP 4: 0.8313 Low Apr 22

EURGBP reversed initial gains Thursday and failed to remain above the 0.8600 handle, working against the overarching uptrend. A pullback is considered corrective and the trend condition remains bullish. A resumption of strength would open 0.8624, the Oct 1 2021 high and 0.8661, the top of a moving average envelope. Initial firm support is seen at 0.8468, the Apr 27 high and breakout level.

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