Working Against Bearish Outlook

• RES 4: 0.8670 High Jul 20 and key resistance
• RES 3: 0.8659 High Jul 21
• RES 2: 0.8614/18 High Sep 7 / 76.4% of the Jul 20 - Aug 10 sell-off
• RES 1: 0.8585 High Sep 20
• PRICE: 0.8584 @ 16:35 BST Sep 20
• SUP 1: 0.8502/01 76.4% of the Aug 10 - Sep 7 rally / Low Sep 16
• SUP 2: 0.8484 Low Aug 16
• SUP 3: 0.8466 1.0% 10-dma envelope
• SUP 4: 0.8450 Low Aug 10 and the bear trigger

EURGBP broke out of its consolidating trend, inching higher to work against the bearish outlook. Key short-term resistance at 0.8614, Sep 7 high remains intact for now, but initial resistance at 0.8563 has been cleared. For price to return lower, focus needs to shift back to 0.8506, probed last week and marking the Aug 19 low. A continuation lower would open 0.8484, Aug 16 low ahead of 0.8450, Aug 10 low and the bear trigger. A break of 0.8450 would confirm a resumption of the primary downtrend.