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Shows Through Key S/T Support

EURGBP TECHS
  • RES 4: 0.8835 High May 3
  • RES 3: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8725/68 High Nov 22 / 20 and the bull trigger
  • RES 1: 0.8702 20-day EMA
  • PRICE: 0.8652 @ 16:23 GMT Nov 29
  • SUP 1: 0.8643 Low Nov 29
  • SUP 2: 0.8630 50.0% retracement of the Aug 23 - Nov 20 bull run
  • SUP 3: 0.8616 Low Oct 11 and a reversal trigger
  • SUP 4: 0.8598 61.8% retracement of the Aug 23 - Nov 20 bull run

EURGBP maintains a softer tone and the cross traded lower this week. Price is through support at 0.8650, the Nov 6 low and key support. The break of this level strengthens a bearish theme and paves the way for a move towards 0.8630, a Fibonacci retracement. Further out, a break lower would open 0.8616, the Oct 11 low. Initial resistance to watch is 0.8702, the 20-day EMA.

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