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Still Appears Vulnerable

EURO-STERLING TECHS
  • RES 4: 0.9220 High Sep 22 and a key near-term resistance
  • RES 3: 0.9190 61.8% retracement of the Sep 11 - 28 sell-off
  • RES 2: 0.9162 High Oct 7 and the bull trigger
  • RES 1: 0.9132 High Oct 10
  • PRICE: 0.9067 @ 10:35 BST Oct 12
  • SUP 1: 0.9044 Low Sep 29 / Oct 2
  • SUP 2: 0.9025 Low Sep 28 and the bear trigger
  • SUP 3: 0.9000 Round number support
  • SUP 4: 0.8967 76.4% retracement of the Sep 3 - 11 rally

EURGBP failed last week to hold above trendline resistance drawn off the Sep 11 high. This suggests the cross is vulnerable to further weakness. A continued move lower would open 0.9044, Oct 2 low. Key support lies at 0.9025, Sep 28 low where a break would confirm a resumption of bearish trending conditions. On the upside, firm resistance has been defined at 0.9062, Oct 7 high. Initial resistance is at 0.9132, Friday's high.

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