April 18, 2024 18:00 GMT
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: 0.8553 @ 17:04 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 Wednesday, 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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