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Watching Resistance

EURGBP TECHS
  • RES 4: 0.8762 1.00 proj of the Apr 14 - May 12 - 17 price swing
  • RES 3: 0.8721 High May 26 2021 and Jun 15 / bull trigger
  • RES 2: 0.8627/79 High Jul 4 / High Jul 1
  • RES 1: 0.8585 High Jul 21
  • PRICE: 0.8482 @ 16:35 BST Jul 25
  • SUP 1: 0.8458 Low Jul 18
  • SUP 2: 0.8403/8393 Low Jul 12 / Low May 17 and a key support
  • SUP 3: 0.8367 Low May 2
  • SUP 4: 0.8313 Low Apr 22

Recent gains in EURGBP are still considered corrective. Last week’s high of 0.8585 (Jul 21) has been defined as a key short-term resistance and if breached would signal scope for a stronger recovery. While this resistance holds, the outlook remains bearish and attention is on support at 0.8393, the May 17 low. Clearance of this level would strengthen a bearish case and clear the way for a deeper sell-off.

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