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Rally Through Trendline Counters Bearish Outlook

  • RES 4: 0.9190 61.8% retracement of the Sep 11 - 28 sell-off
  • RES 3: 0.9169 1.0% 10-dma envelope
  • RES 2: 0.9162 High Oct 7 and the bull trigger
  • RES 1: 0.9148 Oct 20 high
  • PRICE: 0.9133 @ 16:53 BST Oct 20
  • SUP 1: 0.9007 Low Oct 14
  • SUP 2: 0.9000 Round number support
  • SUP 3: 0.8967 76.4% retracement of the Sep 3 - 11 rally
  • SUP 4: 0.8808 Low May 13

EURGBP countered the bearish tone as the cross extended its rally from the Monday low. This confirms a clear break of trendline resistance as well as the Oct 14 high at 0.9122, turning the outlook more positive for now. For bears to regain any momentum, markets need to break through the bear trigger at 0.9007, Oct 14 low. A break would open 0.9000 and below towards 0.8967, a retracement level.

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