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EURGBP TECHS: Trend Outlook Remains Bearish

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8448 High Oct 31 and reversal trigger
  • RES 3: 0.8376 High Nov 19 and a bull trigger 
  • RES 2: 0.8356 High Nov 27
  • RES 1: 0.8313/29 50-day EMA / High Dec 27 
  • PRICE: 0.8299 @ 15:18 GMT Jan 3
  • SUP 1: 0.8223 Low Dec 19
  • SUP 2: 0.8203 Low Mar 7 2022 and a major support 
  • SUP 3: 0.8200 Round number support
  • SUP 4: 0.8188 1.00 proj of the Oct 31 - Nov 11 - 19 price swing

EURGBP is trading closer to its recent highs. Resistance at 0.8313, the 50-day EMA, has recently been pierced - but has so far failed to trigger a sharper move higher. A clear breach of the average would undermine the bear theme and highlight a stronger reversal. A resumption of the primary downtrend would pave the way for a move towards major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range.  

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  • RES 4: 0.8448 High Oct 31 and reversal trigger
  • RES 3: 0.8376 High Nov 19 and a bull trigger 
  • RES 2: 0.8356 High Nov 27
  • RES 1: 0.8313/29 50-day EMA / High Dec 27 
  • PRICE: 0.8299 @ 15:18 GMT Jan 3
  • SUP 1: 0.8223 Low Dec 19
  • SUP 2: 0.8203 Low Mar 7 2022 and a major support 
  • SUP 3: 0.8200 Round number support
  • SUP 4: 0.8188 1.00 proj of the Oct 31 - Nov 11 - 19 price swing

EURGBP is trading closer to its recent highs. Resistance at 0.8313, the 50-day EMA, has recently been pierced - but has so far failed to trigger a sharper move higher. A clear breach of the average would undermine the bear theme and highlight a stronger reversal. A resumption of the primary downtrend would pave the way for a move towards major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range.