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Remains Vulnerable

  • RES 4: 0.9093 High Dec 29
  • RES 3: 0.9085 High Jan 6
  • RES 2: 0.8980/96 50-day EMA / High Jan 12
  • RES 1: 0.8925 High Jan 18
  • PRICE: 0.8889 @ 06:22 GMT Jan 26
  • SUP 1: 0.8830 Low Jan 21 and the bear trigger
  • SUP 2: 0.8808 Low May 13
  • SUP 3: 0.8759 Low May 12, 2020
  • SUP 4: 0.8713 2.0% 10-dma envelope

EURGBP is unchanged and remains bearish. Last week's key technical development was the breach of key support at 0.8867 and 0.8861, the Nov 23 and Nov 11 lows respectively. The break lower reinforced underlying bearish conditions and paves the way for a move towards 0.8800 and 0.8784. On the upside, resistance has been defined at 0.8925, Jan 18 high where a break is required to ease the bearish pressure.

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