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Remains Vulnerable

EURGBP TECHS
  • RES 4: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 3: 0.8721 High May 26 2021 and Jun 15 / bull trigger
  • RES 2: 0.8627/79 High Jul 4 / High Jul 1
  • RES 1: 0.8526 50-day EMA
  • PRICE: 0.8444 @ 06:26 BST Jul 12
  • SUP 1: 0.8433 Intraday low
  • SUP 2: 0.8393 Low May 17 and a key support
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8313 Low Apr 22

EURGBP remains vulnerable. The cross traded sharply lower on Jul 7 and cleared key support at the 50-day EMA. The move lower reverses a recent bullish theme and short-term bearish conditions suggest scope for a deeper retracement. Potential is seen for a move towards support at 0.8393, the May 17 low. On the upside, initial resistance is seen at 0.8526, the 50-day EMA. A clear break of this EMA is required to ease the current bearish threat.

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