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Support Holds For Now

EURGBP TECHS
  • RES 4: 0.8867 High Oct 12
  • RES 3: 0.8829 High Nov 09 and the bull trigger
  • RES 2: 0.8778 High Nov 16
  • RES 1: 0.8655 50-day EMA
  • PRICE: 0.8601 @ 06:00 GMT Dec 14
  • SUP 1: 0.8550/47 200-dma / Low Dec 1 and bear trigger
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8449 1.236 proj of the Oct 12 - 31 - Nov 9 price swing

EURGBP remains in consolidation mode and price is trading just ahead of support at 0.8550/47, the 200-dma and Dec 1 low. Weakness through this zone would take the cross to its lowest levels since late August. A break would also resume the downtrend and pave the way for a move towards 0.8522 initially, the Aug 30 low. On the upside the 50-day EMA, at 0.8655, marks a key short-term resistance. A break would ease the bearish threat.

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