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Retracing Higher

EURGBP TECHS
  • RES 4: 0.8797 High Feb 9
  • RES 3: 0.8731 High Feb 26 and the S/T reversal trigger
  • RES 2: 0.8668 High Mar 3
  • RES 1: 0.8645 High Mar 23
  • PRICE: 0.8635 @ 06:10 GMT Mar 24
  • SUP 1: 0.8577 Low Mar 22
  • SUP 2: 0.8533 Low Mar 18 and bear trigger
  • SUP 3: 0.8522 Low Feb 28
  • SUP 4: 0.8489 3.0% Lower Bollinger Band

EURGBP is firmer and pulling away from last week's lows as the cross extends the current retracement higher. Gains are still considered corrective though. Trend signals highlight a downtrend and attention is on 0.8533, Mar 18 low and the bear trigger. A break would resume the trend and expose 0.8489, a volatility based support. Firm resistance is at 0.8731, Feb 26 high. A breach of this hurdle is needed to signal a short-term reversal.

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