EURGBP TECHS: Key Resistance Remains Exposed
- RES 4: 0.8840 High Feb 2
- RES 3: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
- RES 2: 0.8721 High Jun 15 and a medium-term bull trigger
- RES 1: 0.8712 High Sep 8
- PRICE: 0.8672 @ 16:09 BST Sep 9
- SUP 1: 0.8567 Low Sep 6
- SUP 2: 0.8558 20-day EMA
- SUP 3: 0.8514 50-day EMA
- SUP 4: 0.8471 Low Aug 29
EURGBP largely held on to the week’s gains into the Friday close. Price has topped 0.8679, the Jul 1 high. The breach strengthens bullish conditions and exposes the key resistance at 0.8721, the Jun 15 high and an important bull trigger. Clearance of 0.8721 would confirm a resumption of the bull cycle that started early March. On the downside, initial firm support is seen at 0.8567, the Sep 6 low.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EURGBP TECHS: Holding On To Recent Gains
- RES 4: 0.8627 High Jul 4
- RES 3: 0.8585 High Jul 21 and a key resistance
- RES 2: 0.8476 50-day EMA
- RES 1: 0.8471 High Aug 10
- PRICE: 0.8444 @ 16:31 BST Aug 10
- SUP 1: 0.8340 Low Aug 2 and the bear trigger
- SUP 2: 0.8313 Low Apr 22
- SUP 3: 0.8233 2.0% 10-dma envelope and low Apr 14
- SUP 4: 0.8203 Low Mar 7 and a key support
EURGBP traded higher Tuesday and is holding on to its latest gains since bouncing off 0.8340, the Aug 2 low. The broader outlook is bearish and gains are considered corrective. Recent weakness reinforced a bearish theme and established a price sequence of lower lows and lower highs. Moving average studies are in bear mode too. A continuation lower would open 0.8313, Apr 22 low. Initial firm resistance is 0.8476, the 50-day EMA.
STIR: SOFR Put Spd Buyer Fading Post-Data Rally
+20,000 SFRU2 96.68/96.75 put spds, 1.0 vs. 96.885-.89/0.05%
GBPUSD TECHS: Tops 50-day EMA
- RES 4: 1.2518 High Jun 6
- RES 3: 1.2406 High Jun 16 and a key resistance
- RES 2: 1.2332 High Jun 27
- RES 1: 1.2257/2293 High Aug 10 / 01
- PRICE: 1.2250 @ 15:22 BST Aug 10
- SUP 1: 1.2004 Low Aug 5
- SUP 2: 1.1961 Low Jul 25
- SUP 3: 1.1890/1760 Low Jul 21 / Low Jul 14 and the bear trigger
- SUP 4: 1.1673 1.00 proj of the May 27 - Jun 14 - 16 price swing
GBPUSD surged on the back of the weaker US CPI release, taking out the first level of resistance at the 1.2192 50-day EMA. This puts prices close to the August highs, and further strength through 1.2293 would be a bullish development. 1.2332, the Jun 27 high, lies just above. Potential is also seen for a climb towards 1.2406, the Jun 16 high and the next key key resistance. Initial support to watch is 1.2004, Aug 5 low.
