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Watching Resistance

EURGBP TECHS
  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23 and a congestion high
  • RES 2: 0.8673/8701 100-dma / High Jul 19
  • RES 1: 0.8657 High Aug 10
  • PRICE: 0.8656 @ 16:29 BST Aug 10
  • SUP 1: 0.8590/44 Low Aug 9 / Low Jul 27
  • SUP 2: 0.8514 1.0% 10-dma envelope
  • SUP 3: 0.8504 Low Jul 11 and key support
  • SUP 4: 0.8471 Low Aug 29 2022

EURGBP returned higher again Thursday, narrowing the gap again with recent highs. Resistance at the Aug 3 high of 0.8656 gave way, signalling scope for climb towards the key short-term resistance at 0.8701, the Jul 19 high. From a trend perspective, moving average studies highlight a dominant downtrend. Support to watch lies at 0.8544, the Jul 27 low, where a break would strengthen a bearish theme.

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