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Tests The Recent Multi-Year Low

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8465 High Dec 24
  • RES 2: 0.8409/23 50-day EMA / High Jan 24
  • RES 1: 0.8372 High Jan 26
  • PRICE: 0.8346 @ 16:29 GMT Jan 31
  • SUP 1: 0.8305 Low Jan 20/28, lowest since 2020
  • SUP 3: 0.8300 Base of the multi-year broad range
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg

EURGBP remains bearish. The cross traded lower Friday and tested the recent multiyear low of 0.8305 on Jan 20. Key short-term resistance has been defined at 0.8423, the Jan 24 high and just above the the 50-day EMA, currently at 0.8409. The focus is on the major support and bear triggers at 0.8282/77, the Feb’20 and Dec’19 lows plus the base of a broad multi-year range at 0.8300. A break of the 50-day EMA would signal a S/T base.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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