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EURGBP TECHS
  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8629/58 50-day EMA / High Jun 28 and bull trigger
  • RES 1: 0.8579/84 20-day EMA / High Jul 10
  • PRICE: 0.8526 @ 16:33 BST Jul 11
  • SUP 1: 0.8504 Low Jul 11
  • SUP 2: 0.8492 1.0% 10-dma envelope
  • SUP 3: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle
  • SUP 4: 0.8408 Low Aug 24 2022

The primary trend direction in EURGBP is unchanged and remains down. Prices have shown below the bear trigger at 0.8518, the Jun 19 low, confirming a resumption of the downtrend. Note that moving average studies are in bear-mode position, highlighting current trend conditions. Key resistance has been defined at 0.8658, the Jun 28 high. A break of this hurdle would highlight a potential reversal.

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

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