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Remains Vulnerable

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8903 Trendline drawn from the Feb 3 high
  • RES 2: 0.8890 High Mar 10
  • RES 1: 0.8844 High Mar 15
  • PRICE: 0.8756 @ 06:35 GMT Mar 20
  • SUP 1: 0.8719 Low Mar 15 and key support
  • SUP 2: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull leg

EURGBP remains vulnerable near-term and the cross is trading closer to its recent lows. The cross has breached support at 0.8755, the Feb 28 low and recently pierced 0.8722, the Jan 19 low. Clearance of 0.8722 would leave the 0.8700 handle exposed. Initial firm resistance is seen at 0.8844, the Mar 15 high. A breach of this hurdle is required to ease bearish pressure and allow for a move towards 0.8903, a trendline resistance.

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