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EURGBP TECHS: Support Remains Intact

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8545 High Aug 21  
  • RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 2: 0.8494 High Aug 26 ‘24
  • RES 1: 0.8474 High Jan 20 and the bull trigger 
  • PRICE: 0.8399 @ 06:42 GMT Jan 27
  • SUP 1: 0.8386 20-day EMA   
  • SUP 2: 0.8354 50-day EMA
  • SUP 3: 0.8284 Low Jan 8
  • SUP 4: 0.8263 Low Dec 31

A bull cycle in EURGBP remains intact and the latest pullback appears to be a correction. Moving average studies are in a bull-mode position, highlighting a dominant short-term uptrend. Support levels to watch are; 0.8386, the 20-day EMA, and 0.8354, the 50-day EMA. A clear breach of this support zone would highlight a stronger reversal. The bull trigger is at 0.8474, the Jan 20 high. A move through this level would resume the uptrend.

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  • RES 4: 0.8545 High Aug 21  
  • RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 2: 0.8494 High Aug 26 ‘24
  • RES 1: 0.8474 High Jan 20 and the bull trigger 
  • PRICE: 0.8399 @ 06:42 GMT Jan 27
  • SUP 1: 0.8386 20-day EMA   
  • SUP 2: 0.8354 50-day EMA
  • SUP 3: 0.8284 Low Jan 8
  • SUP 4: 0.8263 Low Dec 31

A bull cycle in EURGBP remains intact and the latest pullback appears to be a correction. Moving average studies are in a bull-mode position, highlighting a dominant short-term uptrend. Support levels to watch are; 0.8386, the 20-day EMA, and 0.8354, the 50-day EMA. A clear breach of this support zone would highlight a stronger reversal. The bull trigger is at 0.8474, the Jan 20 high. A move through this level would resume the uptrend.