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Recent Pullback Appears To Be A Correction

EURGBP TECHS
  • RES 4: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 3: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8872 High Apr 17
  • RES 1: 0.8838 High Apr 19
  • PRICE: 0.8811 @ 16:33 BST Apr 20
  • SUP 1: 0.8792 Low Apr 19
  • SUP 2: 0.8763/8729 Low Apr 11 / 4
  • SUP 3: 0.8719 Low Mar 15 and key support
  • SUP 4: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg

EURGBP remains in a bull cycle and the recent retracement is considered corrective. The cross traded above trendline resistance last week. The line intersects at 0.8846 and is drawn from the Feb 3 high. 0.8866, the Mar 23 high, has been pierced. A clear break of the trendline and 0.8866 would open 0.8880, a Fibonacci retracement. Key support lies at 0.8719, Mar 15 low. A break would be bearish. Initial firm support is 0.8792, the Apr 19 low.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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