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Pullback Considered Corrective

EURGBP TECHS
  • RES 4: 0.8852 50.0% retracement of the Mar ‘20 - Mar ‘22 bear leg
  • RES 3: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 2: 0.8721 High May 26 2021 and Wednesday’s high
  • RES 1: 0.8634 High Jun 16
  • PRICE: 0.8554 @ 06:32 BST Jun 17
  • SUP 1: 0.8512 Low Jun 16
  • SUP 2: 0.8488 50-day EMA
  • SUP 3: 0.8433 Low May 23
  • SUP 4: 0.8393 Low May 17 and a key support

EURGBP has pulled back from recent highs. The move lower is considered corrective. Recent gains and Tuesday’s breach of resistance at 0.8619, May 12 high, confirmed a resumption of the current uptrend. The break reinforces bullish conditions and moving average studies continue to point north. The focus is on a climb to 0.8721 next, Apr 26 and Wednesday’s high. A break would resume the uptrend. Firm support is seen at 0.8488, the 50-day EMA.

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  • RES 4: 0.8852 50.0% retracement of the Mar ‘20 - Mar ‘22 bear leg
  • RES 3: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 2: 0.8721 High May 26 2021 and Wednesday’s high
  • RES 1: 0.8634 High Jun 16
  • PRICE: 0.8554 @ 06:32 BST Jun 17
  • SUP 1: 0.8512 Low Jun 16
  • SUP 2: 0.8488 50-day EMA
  • SUP 3: 0.8433 Low May 23
  • SUP 4: 0.8393 Low May 17 and a key support

EURGBP has pulled back from recent highs. The move lower is considered corrective. Recent gains and Tuesday’s breach of resistance at 0.8619, May 12 high, confirmed a resumption of the current uptrend. The break reinforces bullish conditions and moving average studies continue to point north. The focus is on a climb to 0.8721 next, Apr 26 and Wednesday’s high. A break would resume the uptrend. Firm support is seen at 0.8488, the 50-day EMA.