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Sharply Higher And Tests Resistance

EURGBP TECHS
  • RES 4: 0.9190 76.4% retracement of the Sep 11 - Nov 11 downleg
  • RES 3: 0.9162 High Oct 7
  • RES 2: 0.9149 High Oct 20
  • RES 1: 0.9142 High Dec 7 / 10
  • PRICE: 0.9131 @ 05:46 GMT Dec 11
  • SUP 1: 0.9008 Low Dec 10
  • SUP 2: 0.8983/84 Low Dec 4 / 9
  • SUP 3: 0.8947 Former trendline resistance drawn off the Sep 11 high
  • SUP 4: 0.8929 Low Dec 1

EURGBP traded sharply higher yesterday as the cross remains volatile. The technical reading is bullish. This recent trendline resistance break, drawn off the Sep 11 high, continues to highlight a bullish theme. The cross on Dec 7 probed 61.8% of the Sep 11 - Nov 11 sell-off, at 0.9127. Stronger gains would open 0.9162, Oct 7 high. On the downside, initial firm support lies at 0.8983, Dec 4 low, a break would instead highlight a bearish threat.

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