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Pullback Deepens

EURGBP TECHS
  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8700 100-dma
  • RES 1: 0.8701 High Jul 19 and key short-term resistance
  • PRICE: 0.8587 @ 16:36 BST Jul 25
  • SUP 1: 0.8583 Low Jul 25
  • SUP 2: 0.8564 Low Jul 17
  • SUP 3: 0.8522 1.0% 10-dma envelope
  • SUP 4: 0.8504 Low Jul 11 and key support

The latest pullback in EURGBP deepened Tuesday, extending the correction lower. This works against the short-term uptrend, with the break of both the 20-day and 50-day EMAs signalling a stronger reversal. Move lower opens 0.8564 initially ahead of 0.8504, the key support. Any return higher will need to top the 100-dma of 0.8700 and congestion resistance at 0.8719, the May 23 high to return focus higher.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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