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Bullish Outlook

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Still In Consolidation Mode

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8443 50-day EMA
  • RES 2: 0.8391/8419 20-day EMA / High Jan 3
  • RES 1: 0.8381 Low Nov 22
  • PRICE: 0.8348 @ 06:20 GMT Jan 17
  • SUP 1: 0.8324 Low Jan 11
  • SUP 3: 0.8300 Base of the multi-year broad range
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg

EURGBP is unchanged and is still in consolidation mode. The outlook is bearish and further weakness is seen likely with attention on the major support and bear triggers at 0.8282/77, the Feb’20 and Dec’19 lows. Price is also trading near the base of its broad multi-year range at 0.8300. This level represents a key pivot chart point and a clear break would highlight an important range breakout. Initial firm resistance is at 0.8419.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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