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Trend Needle Points South

EURGBP TECHS
  • RES 4: 0.8676 High Jan 3
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8593 High Jan 19
  • RES 1: 0.8578 High Feb 20 and key resistance
  • PRICE: 0.8550 @ 06:19 GMT Mar 18
  • SUP 1: 0.8504 Low Mar 08
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

The broader trend direction in EURGBP is unchanged and remains down. Moving average studies continue to highlight a bear cycle and sights are on key support at 0.8493, the Aug 23 low. Clearance of this level would resume the trend and signal scope for 0.8454, a Fibonacci retracement. For bulls, key resistance is unchanged at 0.8578, the Feb 20 high. A breach of this level would signal a range break out and a reversal.

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