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Strong Bounce Highlights Potential Reversal

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 0.8979 High Feb 3 and the bull trigger
  • RES 3: 0.8929 High Feb 17
  • RES 2: 0.8889 Trendline drawn from the Feb 3 high.
  • RES 1: 0.8865 Intraday high
  • PRICE: 0.8857 @ 11:35 GMT Mar 1
  • SUP 1: 0.8755 Low Feb 28
  • SUP 2: 0.8751 100-dma
  • SUP 3: 0.8722 Low Jan 19 and a key support
  • SUP 4: 0.8649 76.4% retracement of the Dec 1 - Feb 3 upleg

EURGBP has bounced today and in the process has traded above both the 20- and 50-day EMAs. The strong recovery has defined a key short-term support at Tuesday's low of 0.8755. A continuation higher would highlight a potential bullish reversal that would expose resistance at 0.8929, the Feb 17 high. Note that moving average studies are in a bull mode position. On the downside, a break of 0.8755 is required to reinstate the recent downleg.

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  • RES 4: 0.8979 High Feb 3 and the bull trigger
  • RES 3: 0.8929 High Feb 17
  • RES 2: 0.8889 Trendline drawn from the Feb 3 high.
  • RES 1: 0.8865 Intraday high
  • PRICE: 0.8857 @ 11:35 GMT Mar 1
  • SUP 1: 0.8755 Low Feb 28
  • SUP 2: 0.8751 100-dma
  • SUP 3: 0.8722 Low Jan 19 and a key support
  • SUP 4: 0.8649 76.4% retracement of the Dec 1 - Feb 3 upleg

EURGBP has bounced today and in the process has traded above both the 20- and 50-day EMAs. The strong recovery has defined a key short-term support at Tuesday's low of 0.8755. A continuation higher would highlight a potential bullish reversal that would expose resistance at 0.8929, the Feb 17 high. Note that moving average studies are in a bull mode position. On the downside, a break of 0.8755 is required to reinstate the recent downleg.