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(N2) Short-Term Trend Needle Points North

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Trades Through First Resistance

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1 2021
  • RES 3: 0.8600 High Dec 8 2021
  • RES 2: 0.8552/53 2.0% 10-dma envelope / High Dec 14 2020
  • RES 1: 0.8512 High Mar 31 and a key resistance
  • PRICE: 0.8489 @ 12:10 BST May 5
  • SUP 1: 0.8373/67 50-day EMA / Low May 2
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8250 Low Apr 14 and a key support
  • SUP 4: 0.8203 Low Mar 7 and the bear trigger

The EURGBP outlook remains bullish and the cross is trading higher, and above resistance at 0.8468, the Apr 27 high. A clear breach of this intraday hurdle would reinforce current bullish conditions and pave the way for a climb towards resistance at 0.8512, the Mar 31 high and the next key hurdle for bulls. On the downside, key short-term support has been defined at 0.8367, the May 2 low.

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  • RES 4: 0.8624 High Oct 1 2021
  • RES 3: 0.8600 High Dec 8 2021
  • RES 2: 0.8552/53 2.0% 10-dma envelope / High Dec 14 2020
  • RES 1: 0.8512 High Mar 31 and a key resistance
  • PRICE: 0.8489 @ 12:10 BST May 5
  • SUP 1: 0.8373/67 50-day EMA / Low May 2
  • SUP 2: 0.8313 Low Apr 22
  • SUP 3: 0.8250 Low Apr 14 and a key support
  • SUP 4: 0.8203 Low Mar 7 and the bear trigger

The EURGBP outlook remains bullish and the cross is trading higher, and above resistance at 0.8468, the Apr 27 high. A clear breach of this intraday hurdle would reinforce current bullish conditions and pave the way for a climb towards resistance at 0.8512, the Mar 31 high and the next key hurdle for bulls. On the downside, key short-term support has been defined at 0.8367, the May 2 low.