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Resistance Gives Way, Momentum Points Higher

EURGBP TECHS
  • RES 4: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8785/8867 High Nov 4 / 12
  • RES 1: 0.8743 High Nov 03
  • PRICE: 0.8773 @ 15:20 GMT Nov 4
  • SUP 1: 0.8559 76.4% retracement of the Aug 2 - Sep 26 rally
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8408 Low Aug 24

EURGBP price action worked in favour of bulls into the weekly close, with prices showing above the key resistance at the Oct21 high of 0.8781. This reinstates a bullish theme and opens 0.8867 for direction - the Oct 12 high. For bears, downside through Wednesday’s low of 0.8585 would turn focus lower, with 0.8559 a key support.

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