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Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8459 50-day EMA
  • RES 2: 0.8419/20 High Jan 3 / 20-day EMA
  • RES 1: 0.8381 Nov 22 low
  • PRICE: 0.8342 @ 06:24 GMT Jan 10
  • SUP 1: 0.8335 Low Jan 5
  • SUP 3: 0.8300 1.0% 10-dma envelope
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fib Retracement 2015-2020 Upleg

EURGBP remains vulnerable and the recent consolidation is likely a pause in the downtrend. Further weakness is likely and attention is on the major support and bear triggers at 0.8282/77, the Feb’20 and Dec’19 lows. Note that the cross is also approaching the base of a broad multi-year range at 0.8300. This level represents a key pivot chart point both from a short and longer-term perspective. Initial firm resistance is at 0.8419.

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