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Remains Below Its Former Range Base

EURGBP TECHS
  • RES 4: 0.8432/78 High Feb 11 / High Feb 7
  • RES 3: 0.8406 High Feb 25 and key resistance
  • RES 2: 0.8344 20-day EMA
  • RES 1: 0.8306 Low Feb 24
  • PRICE: 0.8227 @ 06:49 GMT Mar 7
  • SUP 1: 0.8203 Intraday low
  • SUP 2: 0.8193 1.236 proj of the Feb 7 - 24 - 25 price swing
  • SUP 3: 0.8169 1.382 proj of the Feb 7 - 24 - 25 price swing
  • SUP 4: 0.8131 Low Jun 27, 2016

EURGBP continues to head south. Last week’s move lower resulted in a clear break of support at 0.8285, Feb 3 low and a move through key support at 0.8282/77, the Feb ’20 and Dec’19 lows and a key bear trigger. Note that prices remain below 0.8300 highlighting a break of the base of a multi-year range - a key bearish development. Initial resistance is seen at 0.8306, the Feb 24 low. The focus is on a clean break of 0.8193 next.

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