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Remains Above Support At The 200 DMA

EURGBP TECHS
  • RES 4: 0.8867 High Oct 12
  • RES 3: 0.8829 High Nov 09 and the bull trigger
  • RES 2: 0.8778 High Nov 16
  • RES 1: 0.8657 50-day EMA
  • PRICE: 0.8601 @ 16:41 GMT Dec 13
  • SUP 1: 0.8549/47 200-dma / Low Dec 1 and bear trigger
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8449 1.236 proj of the Oct 12 - 31 - Nov 9 price swing

EURGBP is consolidating and trading just ahead of support at 0.8549/47, the 200-dma and Dec 1 low. Weakness through this area would take the cross to its lowest levels since late August. A break would also strengthen a bearish theme and pave the way for a move towards 0.8522 initially, the Aug 30 low. On the upside the 50-day EMA, at 0.8657, marks a key short-term resistance. A break would ease the bearish threat.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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