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Remains Vulnerable

EURGBP TECHS
  • RES 4: 0.8703 1.236 proj of the Aug 10 - Sep 7 - Sep 16 rally
  • RES 3: 0.8670 High Jul 20 and key resistance
  • RES 2: 0.8624/58 High Oct 1 / High Sep 29
  • RES 1: 0.8554 50-day EMA
  • PRICE: 0.8483 @ 06:32 BST Oct 8
  • SUP 1: 0.8475/64 Low Oct 7 / 1.0% 10-dma envelope
  • SUP 2: 0.8450 Low Aug 10
  • SUP 3: 0.8430 Low Feb 27, 2020
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP remains vulnerable following last week's move lower and extension of the reversal from 0.8658, Sep 29 high. The move lower has resulted in a break of 0.8526, Sep 28 low and 0.8501, the Sep 16 low. This strengthens the bearish case and sets the scene for a deeper retracement towards 0.8450, Oct 8 low. The cross needs to breach 0.8658, Sep 29 high to reinstate a bull theme. Initial firm resistance is at 0.8554, the 50-day EMA.

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