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Trading Closer To Its Recent Lows

EURGBP TECHS
  • RES 4: 0.8814 High May 5
  • RES 3: 0.8768 High May 5
  • RES 2: 0.8712 50-day EMA
  • RES 1: 0.8636/52 High Jun 5 / 20-day EMA
  • PRICE: 0.8589 @ 06:08 BST Jun 9
  • SUP 1: 0.8567 Low Jun 1
  • SUP 2: 0.8562 Low Dec 13 2022
  • SUP 3: 0.8547 Low Dec 1 2022 and key support
  • SUP 4: 0.8522 Low Aug 30 2022

EURGBP continues to trade closer to its recent lows. The primary trend direction remains down, highlighted by a bearish price sequence of lower lows and lower highs. Furthermore, moving average studies also highlight a bearish condition - the 50-dma recently crossed below the 200-dma, confirming a death cross signal. The focus is on 0.8547, the Dec 1 2022 low and a key support. Initial resistance to watch is 0.8652, the 20-day EMA.

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