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Support Remains Under Pressure

  • RES 4: 0.8791/8835 High Feb 12 / 2.0% 10-dma envelope
  • RES 3: 0.8731 High Feb 26
  • RES 2: 0.8701/21 High May 7 / High Apr 26 and the bull Trigger
  • RES 1: 0.8660 50-day EMA
  • PRICE: 0.8589 @ 06:20 BST May 12
  • SUP 1: 0.8589/82 Low Apr 19 and a key support / Low May 11
  • SUP 2: 0.8567 61.8% retracement of the Apr 5 - 26 rally
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP traded sharply lower Monday and is consolidating at this week's lows. Attention is on support at 0.8589, Apr 19 low where a clear break would see the cross move out of its recent range and confirm a bearish breakout. This would suggest scope for a deeper pullback, potentially towards the key support at 0.8472, Apr 5 low. On the upside, the key resistance and bull trigger is unchanged at 0.8721, Apr 26 high. Initial resistance is at 0.8660.

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