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Resumes Its Uptrend

  • RES 4: 0.8670 High Jul 20 2021
  • RES 3: 0.8652/58 2.0% 10-dma envelope / High Sep 29 2021
  • RES 2: 0.8643 High Sep 30 2021
  • RES 1: 0.8617 Intraday high
  • PRICE: 0.8510 @ 17:08 BST May 12
  • SUP 1: 0.8502 Low May 12
  • SUP 2: 0.8468 High Apr 27 and a recent breakout level
  • SUP 3: 0.8406/8367 50-day EMA / Low May 2
  • SUP 4: 0.8313 Low Apr 22

EURGBP reversed initial gains Thursday, working against the overarching uptrend. The outlook remains bullish for now, with the break above 0.8600 paving the way for a climb towards 0.8624, the Oct 1 2021 high and 0.8652, the top of a moving average envelope. Moving average studies highlight a bull set-up and this clearly reflects the current trend direction. Initial firm support is seen at 0.8468, the Apr 27 high and breakout level.

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