EURGBP Approaches Major Support
Dec-11 10:23By: Taso Anastasiou
- EURGBP is trading lower and in the process, the cross has breached key short-term support at 0.8260, the Nov 11 low.
- The break lower cancels a recent bullish signal - an engulfing candle on Nov 12.
- Instead, the move confirms a resumption of the downtrend. This exposes the major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range.
- Initial resistance to watch is at the 20-day EMA.
- Key resistance is 0.8376, the Nov 19 high.
