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Tests The 50-Day EMA

EURGBP TECHS
  • RES 4: 0.8731 High Feb 26
  • RES 3: 0.8716 2.0% 10-dma envelope
  • RES 2: 0.8705 High Mar 1
  • RES 1: 0.8664 High Apr 7
  • PRICE: 0.8628 @ 06:01 GMT Apr 8
  • SUP 1: 0.8574 20-day EMA
  • SUP 2: 0.8472 Low Apr 5 and the bear trigger
  • SUP 3: 0.8445 3.0% Lower Bollinger Band
  • SUP 4: 0.8430 Low Feb 27, 2020

EURGBP maintains this week's bullish theme following a recovery Tuesday and Wednesday. In pattern terms, Tuesday is a bullish engulfing candle and suggests the cross has entered a corrective cycle. Recent gains have now seen prices top the key resistance at 0.8646, Mar 24 high and the 50-day EMA at 0.8653. A clear break of this resistance zone is required to suggest scope for an extension of the correction. Initial support is at 0.8574.

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