April 23, 2024 18:00 GMT
Range Breakout
EURGBP TECHS
- RES 4: 0.8704 76.4% retracement of the Nov 20 - Feb 14 bear cycle
- RES 3: 0.8683 High Jan 2
- RES 2: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
- RES 1: 0.8644 High Apr 22
- PRICE: 0.8601 @ 16:19 BST Apr 23
- SUP 1: 0.8595/8565 Low Apr 23 / 50-day EMA
- SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
- SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
- SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
A strong rally Friday in EURGBP resulted in a break of resistance at 0.8602, the Mar 22 high and a key resistance. The continuation higher Monday confirms a range breakout and a resumption of the bull cycle that started Feb 14. 0.8633, 50.0% of the Nov 20 - Feb 14 bear cycle, has been cleared. This opens 0.8665, the 61.8% retracement. On the downside, initial key support to watch lies at 0.8565, the 50-day EMA. A break of it would be bearish.
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