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Trend Signals Remain Bearish

  • RES 4: 0.8624/58 High Oct 1 / High Sep 29
  • RES 3: 0.8525 50-day EMA
  • RES 2: 0.8518 High Oct 12 and a firm resistance
  • RES 1: 0.8491 20-day EMA
  • PRICE: 0.8426 @ 06:26 BST Oct 22
  • SUP 1: 0.8421 Intraday low
  • SUP 2: 0.8379 1.0% 10-dma envelope
  • SUP 3: 0.8356 Low Feb 26, 2020
  • SUP 4: 0.8339 Low Feb 25, 2020

The EURGBP outlook is unchanged and remains bearish - corrections are shallow and this reinforces current bearish sentiment conditions. Furthermore, moving average conditions remain in a bear mode, reinforcing current trend conditions. 0.8450, Oct 10 low and a key support has been cleared. This opens 0.8379 next, a vol based support. Further out, there is scope for an extension below 0.8400 to open 0.8356, the Feb 26, 2020 low. Initial firm resistance is 0.8518.

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