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Resumes Its Downtrend

EURGBP TECHS
  • RES 4: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 3: 0.8432/78 High Feb 11 / High Feb 7
  • RES 2: 0.8406 High Feb 25 and key resistance
  • RES 1: 0.8360 20-day EMA
  • PRICE: 0.8290 @ 16:50 GMT Mar 3
  • SUP 1: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 2: 0.8238 0.764 proj of the Dec 8 - Feb 3 - 7 Price swing
  • SUP 3: 0.8193 1.236 proj of the Feb 7 - 24 - 25 price swing
  • SUP 4: 0.8169 1.382 proj of the Feb 7 - 24 - 25 price swing

EURGBP has resumed its downtrend. The contract traded lower Wednesday and is weaker again today. It has breached support at 0.8285, Feb 3 low and this has resulted in a test of a key support at 0.8282/77, the Feb ’20 and Dec’19 lows and a key bear trigger. Note that prices below 0.8300 highlight a potential break of the base of a multi-year range - a key bearish development if confirmed. Key short-term resistance is at 0.8406, the Feb 25 high.

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