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Tests Key Support

EURGBP TECHS
  • RES 4: 0.8867 High Oct 12
  • RES 3: 0.8829 High Nov 09 and the bull trigger
  • RES 2: 0.8778 High Nov 16
  • RES 1: 0.8680 50-day EMA
  • PRICE: 0.8587 @ 20:16 GMT Dec 1
  • SUP 1: 0.8547 Low Dec 1
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8449 1.236 proj of the Oct 12 - 31 - Nov 9 price swing

The EURGBP outlook is unchanged and the short-term theme remains bearish. Attention is on the Oct 31 low of 0.8560 that was pierced Thursday. A clear break would strengthen a bearish theme. This would open 0.8522, the Aug 30 low. Note that moving average studies remain in a bull mode position and this does suggest that the broader uptrend remains intact. A break of 0.8560 would threaten this bullish theme. Key resistance is at 0.8829.

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