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Resistance Remains Intact

EURGBP TECHS
  • RES 4: 0.8678 38.2% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8607 23.6% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 1: 0.8586/8602 High Apr 05 / High Mar 22 and key resistance
  • PRICE: 0.8565 @ 06:26 BST Apr 18
  • SUP 1: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 2: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

EURGBP recovered yesterday, however, price action remains inside this year’s broad range. A continuation higher would refocus attention on key resistance at 0.8602, Mar 22 high. Clearance of this hurdle would confirm a resumption of the recovery that started Feb 14 and open 0.8678, a Fibonacci retracement. Support to watch is 0.8521, Apr 15 low. A clear break of this level would expose key support at 0.8498/93, Feb 14 and Aug 23 2023 low.

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  • RES 4: 0.8678 38.2% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8607 23.6% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 1: 0.8586/8602 High Apr 05 / High Mar 22 and key resistance
  • PRICE: 0.8565 @ 06:26 BST Apr 18
  • SUP 1: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 2: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

EURGBP recovered yesterday, however, price action remains inside this year’s broad range. A continuation higher would refocus attention on key resistance at 0.8602, Mar 22 high. Clearance of this hurdle would confirm a resumption of the recovery that started Feb 14 and open 0.8678, a Fibonacci retracement. Support to watch is 0.8521, Apr 15 low. A clear break of this level would expose key support at 0.8498/93, Feb 14 and Aug 23 2023 low.