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Resistance Remains Intact

  • RES 4: 0.8676 High Jan 3
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8593 High Jan 19
  • RES 1: 0.8578 High Feb 20 and key short-term resistance
  • PRICE: 0.8563 @ 06:16 GMT Mar 1
  • SUP 1: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 2: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 3: 0.8388 Low Aug 17 2023
  • SUP 4: 0.8340 Low Aug 2 2022

A bear cycle in EURGBP remains intact and MA studies continue to highlight a downtrend. Key short-term resistance has been defined at 0.8578, the Feb 20 high. Clearance of this level would instead highlight a bullish development. For bears, a resumption of weakness would expose support and the bear trigger at 0.8493, Aug 23 low. Clearance of this level would confirm a continuation of the trend and open 0.8454, a Fibonacci retracement.

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