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Short-Term Bull Cycle Remains In Play

EURGBP TECHS
  • RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8652 1.0% 10-dma envelope
  • RES 2: 0.8645 High Apr 23 and the bull trigger
  • RES 1: 0.8618/21 76.4% of the Apr 23 - 30 sell-off / May 9 high
  • PRICE: 0.8606 @ 09:28 BST May 13
  • SUP 1: 0.8567/31 50-day EMA / Low Apr 30 and the bear trigger
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

EURGBP traded higher again last week to undermine the recent bearish theme. This strengthens a developing short-term bullish condition. A continuation higher would open 0.8645, the Apr 23 high and a key short-term resistance. Clearance of this hurdle would highlight an important technical break. Initial support to watch is 0.8567, the 50-day EMA.

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