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Strong Reversal

EURGBP TECHS
  • RES 4: 0.8512 High Dec 22
  • RES 3: 0.8480 61.8% retracement of the Dec 8 - Feb 3 downleg
  • RES 2: 0.8432/78 High Feb 11 / High Feb 7
  • RES 1: 0.8383/8403 Intraday high / High Feb 16
  • PRICE: 0.8374 @ 13:08 GMT Feb 22
  • SUP 1: 0.8311/8285 Intraday low Low Feb 3 and a key support
  • SUP 2: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 3: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg
  • SUP 4: 0.8238 0.764 proj of the Dec 8 - Feb 3 - 7 Price swing

EURGBP has reversed course today. The sharp rally leaves a key support at 0.8285 intact, Feb 3 low and suggests that if the recent move lower has been a correction, it may well be over. A strong close near today’s session highs would also highlight a bullish engulfing candle - a reversal pattern. The next resistance to watch is at 0.8403, the Feb 16 high. Initial support is at today’s low of 0.8311.

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