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Pullbacks Considered Corrective

EURO-STERLING TECHS
  • RES 4: 0.9501 High Mar 19 and major resistance
  • RES 3: 0.9388 Mar 23 high
  • RES 2: 0.9305 76.4% retracement of the Mar - Apr sell-off
  • RES 1: 0.9292 High Sep 11 and the bull trigger
  • PRICE: 0.9211 @ 16:54 BST Sep 15
  • SUP 1: 0.9176 High Jun 29 and a former key resistance
  • SUP 2: 0.9148 High Jul 27
  • SUP 3: 0.9075 Low Sep 10
  • SUP 4: 0.9053/0.9021 20-day and 50-day EMA

EURGBP remains bullish following last week's strong rally and is holding onto recent gains. The cross last week cleared the 50-day EMA in a convincing manner and also breached key resistance at 0.9070, Aug 17 high, 0.9148 Jul 27 high and 0.9176, Jun 29 high. This paves the way for further gains, with attention on 0.9305, the 76.4% retracement of the Mar 19 - Apr 30 decline. On the downside, initial support is seen at the 0.9176 to 0.9148 zone.

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