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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: 0.8645 High Apr 23 and the bull trigger
  • RES 2: 0.8629 1.0% 10-dma envelope
  • RES 1: 0.8552/8621 20-day EMA / High May 9
  • PRICE: 0.8511 @ 16:31 BST May 28
  • SUP 1: 0.8495 Low May 28
  • SUP 2: 0.8493 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 is unchanged and remains soft with the cross trading closer to its recent lows. The latest impulsive bear leg has exposed key pivot support at the 0.8500 handle that was again pierced Tuesday. An important support zone also lies between 0.8498, the 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 0.8552, 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: 0.8645 High Apr 23 and the bull trigger
  • RES 2: 0.8629 1.0% 10-dma envelope
  • RES 1: 0.8552/8621 20-day EMA / High May 9
  • PRICE: 0.8511 @ 16:31 BST May 28
  • SUP 1: 0.8495 Low May 28
  • SUP 2: 0.8493 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 is unchanged and remains soft with the cross trading closer to its recent lows. The latest impulsive bear leg has exposed key pivot support at the 0.8500 handle that was again pierced Tuesday. An important support zone also lies between 0.8498, the 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 0.8552, the 20-day EMA.