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Volatile

EURGBP TECHS
  • RES 4: 0.8721 High Apr 26
  • RES 3: 0.8703 1.236 proj of the Aug 10 - Sep 7 - Sep 16 rally
  • RES 2: 0.8670 High Jul 20 and key resistance
  • RES 1: 0.8624/58 Intraday high / High Sep 29
  • PRICE: 0.8554 @ 14:42 BST Oct 1
  • SUP 1: 0.8550/26 Intraday low / Low Sep 28
  • SUP 2: 0.8501 Low Sep 16
  • SUP 3: 0.8495/84 1.0% 10-dma envelope / Low Aug 16
  • SUP 4: 0.8450 Low Aug 10

EURGBP remains volatile and has extended yesterday's sharp reversal lower, removing the recent bull theme. The move lower refocuses attention on support at 0.8526, Sep 28 low and 0.8501 Sep 16 low. A break of the latter support would strengthen a bearish case and set the scene for a deeper sell-off towards 0.8450, Oct 8 low. On the upside, the cross needs to breach 0.8658, Sep 29 high to resume its recent upleg.

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