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Starts The Week On A Bearish Note

EURGBP TECHS
  • RES 4: 0.9292 High Sep 11 2020
  • RES 3: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 2: 0.8980 High Sep 29
  • RES 1: 0.8781/8867 High Oct 21 / 12
  • PRICE: 0.8743 @ 15:40 BST Oct 24
  • SUP 1: 0.8559 76.4% retracement of the Aug 2 - Sep 26 rally
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8408 Low Aug 24

EURGBP continues to trade above its recent lows. However, a short-term bear threat remains present and the cross has started the week on a weaker note. The strong reversal from 0.9266, Sep 26 high and the breach of support at 0.8649, the Oct 4 low, suggests scope for an extension lower towards 0.8559, a Fibonacci retracement. Key short-term resistance has been defined at 0.8867, Oct 12 high, where a break would reinstate a bullish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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