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Still Weak

EURGBP TECHS
  • RES 4: 0.8595/98 High Nov 5 / 76.4% of the Sep 29 - Oct 26 sell-off
  • RES 3: 0.8538/74 High Nov 15 / High Nov 11
  • RES 2: 0.8500 50-day EMA
  • RES 1: 0.8463/69- Nov 3 low / 20-day EMA
  • PRICE: 0.8393 @ 06:04 GMT Nov 23
  • SUP 1: 0.8381 Low Nov 22
  • SUP 2: 0.8356 Low Feb 26, 2020
  • SUP 3: 0.8339 Low Feb 25, 2020
  • SUP 4: 0.8282/77 Low Feb 18, 2020 / Low Dec 13, 2019

EURGBP remains bearish and continues to trade near recent lows. Last week's sharp sell-off, together with the recent break below support at 0.8403, Oct 26 low signals scope for an extension lower. The focus is on 0.8356 next, Feb 26, 2020 low. Note that the cross is approaching the base - at 0.8300/8280 - of a broad multi-year range and this area represents a major support. Initial resistance is seen at 0.8463.

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