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Trend Condition Remains Bullish

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8875/97 High Feb 1 / Jan 13 and the bull trigger
  • PRICE: 0.8872 @ 16:44 GMT Feb 1
  • SUP 1: 0.8764/22 50-day EMA / Low Jan 19 and a key support
  • SUP 2: 0.8691 Low Dec 19
  • SUP 3: 0.8630 76.4% retracement of the Dec 1 - Jan 13 bull cycle
  • SUP 4: 0.8593 Low Dec 15

EURGBP picked up through the London close Wednesday, narrowing the gap with first resistance as well as the mid-January highs. For bulls, a continuation higher would expose resistance at 0.8897, the Jan 13 high and a bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend that started early December last year. Key short-term support lies at 0.8722, the Jan 19 low. A break of this level is required to reinstate a recent bearish threat.

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