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Sharp Sell-Off Extends

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1
  • RES 3: 0.8595/98 High Nov 5 / 76.4% of the Sep 29 - Oct 26 sell-off
  • RES 2: 0.8538/74 High Nov 15 / High Nov 11
  • RES 1: 0.8511 20-day EMA
  • PRICE: 0.8451 @ 12:20 GMT Nov 16
  • SUP 1: 0.8435 Intraday low
  • SUP 2: 0.8403 Low Oct 26 and the bear trigger
  • SUP 3: 0.8356 Low Feb 26, 2020
  • SUP 4: 0.8339 Low Feb 25, 2020

EURGBP has failed to hold onto recent highs and the cross has traded sharply lower this week. Today's sell-off has resulted in a break of support at 0.8463, Nov 3 low. The move lower has exposed the key support at 0.8403, Oct 26 low, where a break would confirm a resumption of the broader downtrend. The cross needs to trade above yesterday's high to ease this fresh bearish threat. Key resistance is at 0.8595, Nov 5 high.

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