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Sharp Retracement

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 and key resistance
  • RES 3: 0.8659 High Jul 21
  • RES 2: 0.8614/18 High Sep 7 / 76.4% of the Jul 20 - Aug 10 sell-off
  • RES 1: 0.8613 High Sep 22 and a bull trigger
  • PRICE: 0.8538 @ 17:09 BST Sep 23
  • SUP 1: 0.8530 Sep 20 low
  • SUP 2: 0.8502/01 76.4% of the Aug 10 - Sep 7 rally / Low Sep 16
  • SUP 3: 0.8484 Low Aug 16
  • SUP 4: 0.8467/50 1.0% 10-dma envelope / Low Aug 10

EURGBP is sharply lower following Thursday's BOE announcement. The cross failed to challenge key resistance Wednesday at 0.8614, Sep 7 high. Further weakness would open initial support at 0.8530, Sep 20 low ahead of the key short-term support at 0.8501, Sep 16 low. A breach of this level would open 0.8484, Aug 16 low and 0.8450, Aug 10 low and the bear trigger. For bulls, clearance of 0.8614 is required to highlight a firmer bullish theme.

Foreign Exchange Technical AnalysisHomepageForeign Exchange NewsTopicsmarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepageForeign Exchange NewsTopicsmarkets-real-timeBulletMarketsForeign Exchange Bullets

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