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Trading At Recent Lows

EURGBP TECHS
  • RES 4: 0.8731 High Feb 26
  • RES 3: 0.8701/21 High May 7 / High Apr 26 and the bull trigger
  • RES 2: 0.8646/72 High Jun 1 / High May 25
  • RES 1: 0.8629 High Jun 15
  • PRICE: 0.8556 @ 06:14 BST Jun 23
  • SUP 1: 0.8542 Low Jun 17
  • SUP 2: 0.8531 76.4% retracement of the Apr 5 - 26 rally
  • SUP 3: 0.8472 Low Apr 5 and the bear trigger
  • SUP 4: 0.8412 2.0% 10-dma envelope

The EURGBP outlook remains bearish and the cross is trading at recent lows. The cross last week breached 0.8561, May 12 low. This signals the end of the recent consolidation and strengthens a bearish case. The focus is on weakness and on 0.8531, 76.4% of the Apr 5 - 26 rally. A break would expose key support at 0.8472, Apr 5 low. Initial firm resistance has been defined at 0.8629, Jun 15 high where a breach would ease the bearish threat.

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