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Remains Vulnerable

EURGBP TECHS
  • RES 4: 0.8624/58 High Oct 1 / High Sep 29
  • RES 3: 0.8515 50-day EMA
  • RES 2: 0.8518 High Oct 12 and a firm resistance
  • RES 1: 0.8478 20-day EMA
  • PRICE: 0.8427 @ 06:24 BST Oct 27
  • SUP 1: 0.8400 Round number support
  • SUP 2: 0.8363 1.0% 10-dma envelope
  • SUP 3: 0.8356 Low Feb 26, 2020
  • SUP 4: 0.8339 Low Feb 25, 2020

EURGBP traded under pressure Tuesday and remains vulnerable. The cross has breached support at 0.8422, Oct 21/22 low and this has confirmed a resumption of the current downtrend. The break lower paves the way for weakness below 0.8400 towards 0.8363, a vol based support and 0.8356, the Feb 26, 2020 low. Note that the cross is also approaching the base of a broad multi-year range at 0.8300. Initial firm resistance is 0.8483, the 20-day EMA.

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