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Watching Resistance At The 20-Day EMA

EURGBP TECHS
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8651/8669 100-dma / High Aug 11
  • RES 2: 0.8596 50-day EMA
  • RES 1: 0.8573 20-day EMA
  • PRICE: 0.8547 @ 06:33 BST Aug 24
  • SUP 1: 0.8493 Low Aug 23
  • SUP 2: 0.8482 1.0% 10-dma envelope
  • SUP 3: 0.8471 Low Aug 29 2022
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

EURGBP traded lower Wednesday, breaching support at 0.8504, the Jull 11 low, before rebounding. The break lower reinforces a bearish theme and a resumption of weakness would confirm a continuation of the medium-term downtrend and signal scope for weakness towards 0.8454, a Fibonacci retracement point. For now, gains are considered corrective. Resistance to watch is 0.8573, the 20-day EMA.

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