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Short-Term Outlook Appears Bullish

  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8890 Trendline drawn from the Feb 3 high
  • RES 1: 0.8880 61.8% retracement of the Feb 3 - Mar 15 bear leg
  • PRICE: 0.8788 @ 16:26 GMT Mar 27
  • SUP 1: 0.8772 Low Mar 22
  • SUP 2: 0.8719 Low Mar 15 and key support
  • SUP 3: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 4: 0.8691 Low Dec 19

EURGBP remains below last week’s high of 0.8866 (Mar 23). Recent gains highlight a bullish picture and this has exposed a key short-term trendline resistance at 0.8890. The trendline is drawn from the Feb 3 high and a break would strengthen bullish conditions. On the downside, key support has been defined at 0.8719, the Mar 15 low. A reversal lower and a break of this level would reinstate the recent bearish theme.

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