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Support Remains Intact

EURGBP TECHS
  • RES 4: 0.8768 2.0% 10-dma envelope and high Feb 12
  • RES 3: 0.8731 High Feb 26
  • RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
  • RES 1: 0.8646/72 High Jun 1 / High May 25
  • PRICE: 0.8553 @ 15:54 BST Jun 17
  • SUP 1: 0.8542 Low Jun 17
  • SUP 2: 0.8531 76.4% retracement of the Apr 5 - 26 rally
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8424 2.0% 10-dma envelope

EURGBP conditions are unchanged and the cross remains in consolidation mode and in a range. The trend outlook is bearish. Initial firm resistance is unchanged at 0.8672, May 25 high and while this holds, attention is on 0.8531, 76.4% Fib of the Apr 5 - 26 rally. A break would strengthen a bearish case and expose key support at 0.8472, Apr 5 low. For bulls, a break of 0.8672 would alter the picture.

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