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Still Trading Below Its Recent High

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8465/8512 50-day EMA / High Aug 19
  • PRICE: 0.8444 @ 16:42 BST Aug 25
  • SUP 1: 0.8408 Low Aug 23
  • SUP 2: 0.8388/40 Low Aug 17 / 2 and the bear trigger
  • SUP 3: 0.8313 Low Apr 22
  • SUP 4: 0.8277 2.0% 10-dma envelope and low Apr 14

EURGBP remains below last week’s highs. The high print of 0.8512 on Aug 19, is a bullish development and threatens the recent bearish outlook. The move signals scope for an extension higher. A resumption of gains would open 0.8525 and potentially 0.8585 further out, the Jul 25 and 21 highs respectively. Initial key support to watch is at 0.8388, the Aug 17 low. A break would reinstate a bearish theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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