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Short-Term Support Remains Exposed

EURGBP TECHS
  • 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: 0.8863/66 Trendline drawn from the Feb 3 high / High Mar 23
  • RES 1: 0.8792/0.8829 20-day EMA / High Mar 30
  • PRICE: 0.8774 @ 06:05 BST Apr 11
  • SUP 1: 0.8729 Low Apr 4
  • 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 maintains a softer tone following last week’s low print of 0.8729 on Apr 4. Attention is on support at 0.8719, the Mar 15 low. A break of this level would strengthen bearish conditions and signal scope for a deeper pullback, exposing 0.8691, the Dec 19 low. On the upside, initial firm resistance to watch is at 0.8829, the Mar 30 high, where a break would reinstate a bullish theme.

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