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Retracement Mode

EURGBP TECHS
  • RES 4: 0.9501 High Mar 19 2020 and major resistance
  • RES 3: 0.9388 High Mar 23 2020
  • RES 2: 0.9292 High Sep 11 2020
  • RES 1: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • PRICE: 0.8703 @ 15:23 BST Oct 3
  • SUP 1: 0.8693 Low Oct 3
  • SUP 2: 0.8692 Low Sep 22
  • SUP 3: 0.8649 50-day EMA
  • SUP 4: 0.8626 Low Sep 14

EURGBP continues to retrace recent gains and remains well below 0.9266 - the Sep 26 high and the key short-term resistance. The latest pullback is considered corrective and this is allowing a recent overbought trend reading to unwind. The 20-day EMA at 0.8765, has been pierced. A clear break would signal scope for an extension, perhaps towards the 50-day EMA, at 0.8649. Initial firm resistance is seen at 0.9066, the Sep 28 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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