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Remains Above Support

EURGBP TECHS
  • RES 4: 0.8512 High Dec 22
  • RES 3: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 2: 0.8432/78 High Feb 11 / High Feb 7
  • RES 1: 0.8406 High Feb 25
  • PRICE: 0.8336 @ 17:12 GMT Mar 1
  • SUP 1: 0.8306/8285 Low Feb 24 / Low Feb 3 and key support
  • SUP 2: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 3: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 4: 0.8238 0.764 proj of the Dec 8 - Feb 3 - 7 Price swing

EURGBP is trading below last week’s high of 0.8406 but remains above key support at 0.8285, the Feb 3 low. Last week’s recovery from 0.8306, Feb 24 low, suggests the short-term tone is bullish and if correct, highlights potential for a stronger recovery towards the Feb 7 high of 0.8478. This represents a key short-term resistance. Weakness below 0.8306 would undermine a bullish theme while a breach of 0.8285 would resume the downtrend.

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