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Pullback Extends

EURGBP TECHS
  • RES 4: 0.9066 High Sep 28
  • RES 3: 0.8992 61.8% retracement of the Sep 26 - Dec 1bear leg
  • RES 2: 0.8979 High Feb 3 and the bull trigger
  • RES 1: 0.8852/8929 20-day EMA / High Mar 7 and a key resistance
  • PRICE: 0.8793 @ 06:39 GMT Mar 14
  • SUP 1: 0.8782 Low Mar 1
  • SUP 2: 0.8766/55 100-dma / Low Feb 28 and key support
  • SUP 3: 0.8722 Low Jan 19 and a key support
  • SUP 4: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg

EURGBP is trading lower again today. The move lower undermines the recent bullish theme and instead, exposes key support at 0.8755, the Feb 28 low. A break of this level would signal scope for a deeper retracement and open 0.8722, the Jan 19 low. Key resistance has been defined at 0.8925, the Mar 7 high, where a break is required to reinstate a bullish outlook. This would open 0.8979, the Feb 3 high.

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