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Testing Key Support

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
  • RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8656 1.0% 10-dma envelope
  • RES 2: 0.8645 High Apr 23 and the bull trigger
  • RES 1: 0.8561/8621 20-day EMA / High May 9
  • PRICE: 0.8518 @ 16:40 BST May 24
  • SUP 1: 0.8500 Key pivot support level
  • SUP 2: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8408 Low Aug 24 2023

EURGBP remains soft and the cross is trading closer to its recent lows. The latest impulsive bear leg has exposed a key pivot support at the 0.8500 handle, a level tested numerous times over the past twelve months. Note too that an important support zone also lies between 0.8498, Feb 14 low, and 0.8493, Aug 23 ‘23 low. A clear break of these price points would strengthen a bearish theme. Initial firm resistance is at 0.8561, the 20-day EMA.

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  • RES 4: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8656 1.0% 10-dma envelope
  • RES 2: 0.8645 High Apr 23 and the bull trigger
  • RES 1: 0.8561/8621 20-day EMA / High May 9
  • PRICE: 0.8518 @ 16:40 BST May 24
  • SUP 1: 0.8500 Key pivot support level
  • SUP 2: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8408 Low Aug 24 2023

EURGBP remains soft and the cross is trading closer to its recent lows. The latest impulsive bear leg has exposed a key pivot support at the 0.8500 handle, a level tested numerous times over the past twelve months. Note too that an important support zone also lies between 0.8498, Feb 14 low, and 0.8493, Aug 23 ‘23 low. A clear break of these price points would strengthen a bearish theme. Initial firm resistance is at 0.8561, the 20-day EMA.