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Short-Term Pullback Extends

EURGBP TECHS
  • RES 4: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8867 High Oct 12
  • RES 1: 0.8776/8829 High Nov 16 / 09 and the bull trigger
  • PRICE: 0.8656 @ 06:11 GMT Nov 22
  • SUP 1: 0.8613 100-dma
  • SUP 2: 0.8560/59 Low Oct 31 / 76.4% of Aug 2 - Sep 26 rally
  • SUP 3: 0.8522 Low Aug 30
  • SUP 4: 0.8471 Low Aug 28

EURGBP edged through Friday’s lows on Monday, breaking out of the recent tight range. The move lower extends the pullback from the 0.8829 high on Nov 9. A continuation lower would expose the Oct 31 low of 0.8560, where a break would resume bearish activity. Moving average studies remain in a bull mode position and this suggests that the broader uptrend is intact. A break of 0.8829 would be bullish.

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