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Watching Support

EURGBP TECHS
  • RES 4: 0.8704 76.4% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 3: 0.8683 High Jan 2
  • RES 2: 0.8665 61.8% retracement of the Nov 20 - Feb 14 bear cycle
  • RES 1: 0.8645 High Apr 23
  • PRICE: 0.8596 @ 16:30 BST Apr 24
  • SUP 1: 0.8566 50-day EMA
  • SUP 2: 0.8521/8504 Low Apr 17 / Low Mar 8
  • SUP 3: 0.8498/93 Low Feb 14 / Low Aug 23 2023 and key support
  • SUP 4: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase

The short-term trend condition in EURGBP remains bullish and the latest pullback appears to be a correction. A strong rally last Friday resulted in a break of 0.8602, the Mar 22 high and a key resistance. The continuation higher Monday confirmed a range breakout and a resumption of the bull cycle that started Feb 14. This opens 0.8665 next, a Fibonacci retracement. On the downside, initial key support to watch lies at 0.8566, the 50-day EMA.

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