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Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8814 High May 5
  • RES 3: 0.8768 High May 5
  • RES 2: 0.8726 50-day EMA
  • RES 1: 0.8636/8671 High Jun 5 / 20-day EMA
  • PRICE: 0.8616 @ 06:30 BST Jun 6
  • 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

Recent gains in EURGBP appear to be a correction and the primary downtrend remains intact. Moving average studies highlight a bearish condition - the 50-dma has crossed below the 200-dma highlighting a bearish death cross signal. The focus is on 0.8547, the Dec 1 2022 low and a key support. The trend is oversold - a price reversal would signal scope for a correction. Initial firm resistance is at 0.8671 the 20-day EMA.

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