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Pullback Considered Corrective

EURGBP TECHS
  • RES 4: 0.9097 76.4% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.9047 2.0% 10-dma envelope
  • RES 2: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8911/8979 High Feb 7 / 3 and the bull trigger
  • PRICE: 0.8859 @ 07:40 GMT Feb 13
  • SUP 1: 0.8824 Low Feb 10
  • SUP 2: 0.8798 50-day EMA
  • SUP 3: 0.8762 Low Jan 30
  • SUP 4: 0.8722 Low Jan 19 and a reversal trigger

EURGBP trend conditions remain bullish despite this week’s retracement. On Feb 2, the cross cleared 0.8897, the Jan 13 high. The break confirmed a resumption of the uptrend that started early December and sights are on 0.8992, a Fibonacci retracement. Moving average studies remain in a bull-mode position, highlighting an uptrend. First support to watch lies at 0.8798, the 50-day EMA.

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