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Short-Term Outlook Remains Bullish

EURGBP TECHS
  • RES 4: 0.9066 High Sep 28
  • RES 3: 0.8992 61.8% retracement of the Sep 26 - Dec 1bear leg
  • RES 2: 0.8979 High Feb 3 and the bull trigger
  • RES 1: 0.8929 High Feb 17
  • PRICE: 0.8852 @ 06:42 GMT Mar 13
  • SUP 1: 0.8821 Low Mar 10
  • SUP 2: 0.8755 Low Feb 28 and key support and 100-dma
  • SUP 3: 0.8722 Low Jan 19 and a key support
  • SUP 4: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg

EURGBP short-term conditions remain bullish despite the pullback from its recent highs. A resumption of gains would open 0.8929, the Feb 17 high and a break of this level would expose 0.8979, the Feb 3 high. Note that moving average studies are in a bull mode position, highlighting an uptrend. On the downside, a move below 0.8755, the Feb 28 low, is required to reinstate a bearish threat.

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