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EURGBP TECHS: Trend Needle Points North

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8545 High Aug 21  
  • RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 2: 0.8494 High Aug 26 ‘24
  • RES 1: 0.8474 High Jan 20
  • PRICE: 0.8454 @ 16:46 GMT Jan 20
  • SUP 1: 0.8403/8355 Low Jan 16 / 20-day EMA   
  • SUP 2: 0.8336/8284 50-day EMA / Low Jan 8
  • SUP 3: 0.8263 Low Dec 31
  • SUP 4: 0.8223 Low Dec 19

EURGBP maintains a firmer tone and the cross traded to a fresh short-term cycle high Monday. The latest recovery undermines the recent bearish theme and suggests scope for stronger short-term gains. Recent resistance points at 0.8376, the Nov 19 high, and 0.8448, the Oct 31 high, have been breached, strengthening the current bullish theme. Sights are on 0.8494 next, the Aug 26 ‘24 high. Support at the 50-day EMA is at 0.8336. 

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  • RES 4: 0.8545 High Aug 21  
  • RES 3: 0.8530 76.4% retracement of the Aug 8 - Dec 19 downleg 
  • RES 2: 0.8494 High Aug 26 ‘24
  • RES 1: 0.8474 High Jan 20
  • PRICE: 0.8454 @ 16:46 GMT Jan 20
  • SUP 1: 0.8403/8355 Low Jan 16 / 20-day EMA   
  • SUP 2: 0.8336/8284 50-day EMA / Low Jan 8
  • SUP 3: 0.8263 Low Dec 31
  • SUP 4: 0.8223 Low Dec 19

EURGBP maintains a firmer tone and the cross traded to a fresh short-term cycle high Monday. The latest recovery undermines the recent bearish theme and suggests scope for stronger short-term gains. Recent resistance points at 0.8376, the Nov 19 high, and 0.8448, the Oct 31 high, have been breached, strengthening the current bullish theme. Sights are on 0.8494 next, the Aug 26 ‘24 high. Support at the 50-day EMA is at 0.8336.