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Watching Resistance

EURGBP TECHS
  • RES 4: 0.8678 38.2% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8607 23.6% retracement of the Feb 3 - Aug 23 bear cycle
  • RES 1: 0.8583/8602 High Apr 03 / High Mar 22
  • PRICE: 0.8583 @ 17:04 GMT Apr 5
  • SUP 1: 0.8530/8504 Low Mar 21 / 29 and Low Mar 8
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

A bull cycle in EURGBP remains intact and attention is on key resistance at 0.8602, the Mar 22 high. Clearance of this level would confirm a resumption of the recovery that started Feb 14 and would signal scope for a climb towards 0.8678, a Fibonacci retracement point. On the downside, a move below 0.8530, the Mar 21 / 29 low, would instead be seen as a bearish development and would expose the bear trigger at 0.8493, Aug 23 ‘23 low.

Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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