EURGBP TECHS: Resistance Remains Intact
- RES 4: 0.8676 High Jan 3
- RES 3: 0.8620 High Jan 20
- RES 2: 0.8593 High Jan 19
- RES 1: 0.8578 High Feb 20 and key short-term resistance
- PRICE: 0.8563 @ 06:16 GMT Mar 1
- SUP 1: 0.8493 Low Aug 23 2023 and a key medium-term support
- SUP 2: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
- SUP 3: 0.8388 Low Aug 17 2023
- SUP 4: 0.8340 Low Aug 2 2022
A bear cycle in EURGBP remains intact and MA studies continue to highlight a downtrend. Key short-term resistance has been defined at 0.8578, the Feb 20 high. Clearance of this level would instead highlight a bullish development. For bears, a resumption of weakness would expose support and the bear trigger at 0.8493, Aug 23 low. Clearance of this level would confirm a continuation of the trend and open 0.8454, a Fibonacci retracement.
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SCHATZ TECHS: (H4) Continues To Trade Above Its Recent Lows
- RES 4: 106.640 High Dec 29 and the bull trigger
- RES 3: 106.360 Low Jan 3
- RES 2: 106.270 High Jan 5 and key short-term resistance
- RES 1: 106.200 50.0% retracement of the Dec 29 - Jan 25 bear leg
- PRICE: 106.040 @ 05:39 GMT Jan 31
- SUP 1: 105.760 Low Jan 25 and the bear trigger
- SUP 2: 105.730 Low Nov 30
- SUP 3: 105.660 High Nov 17
- SUP 4: 105.470 Low Nov 28
A downtrend in Schatz futures remains intact and the latest recovery appears to be a correction - for now. The contract has traded above the 20-day EMA, at 106.032. This signals scope for a continuation higher and potentially exposes resistance at 106.270, the Jan 5 high. A breach of this hurdle would highlight a stronger reversal. On the downside, weakness through support at 105.760, the Jan 25 low, would reinstate a bearish theme.
GBPUSD TECHS: Directional Parameters Remain Intact For Now
- RES 4: 1.2996 High Jul 27
- RES 3: 1.2881 76.4% retracement of the Jul 14 - Oct 4 bear leg
- RES 2: 1.2827 High Dec 28 and the bull trigger
- RES 1: 1.2775 High Jan 24
- PRICE: 1.2677 @ 05:41 GMT Jan 31
- SUP 1: 1.2642/2597 50-day EMA / Low Jan 17 and key S/T support
- SUP 2: 1.2525 38.2% retracement of the Oct 4 - Dec 28 bull phase
- SUP 3: 1.2500 Low Dec 13
- SUP 4: 1.2432 50.0% retracement of the Oct 4 - Dec 28 bull phase
GBPUSD remains in consolidation mode. Key resistance is unchanged at 1.2827, the Dec 28 high, and key support lies at 1.2597, the Jan 17 low. Both price points represent important directional triggers. Clearance of 1.2827 would resume the uptrend and open 1.2881, a Fibonacci retracement. For bears, a breach of 1.2597 would highlight a short-term reversal and signal scope for weakness towards the 1.2500 handle, the Dec 13 low.
BOBL TECHS: (H4) Corrective Cycle Remains In Play
- RES 4: 119.640 High Jan 4
- RES 3: 119.00 Round number resistance
- RES 2: 118.590 High Jan 12 and a key short-term resistance
- RES 1: 118.360 High Jan 16
- PRICE: 118.080 @ 05:21 GMT Jan 31
- SUP 1: 117.280 Low Jan 25 and the bear trigger
- SUP 2: 117.060 Low Dec 1
- SUP 3: 117.000 Round number support
- SUP 4: 116.830 Low Nov 29
A bearish cycle in Bobl futures remains intact, however, recent gains signal potential for a continued correction higher near-term. The contract has traded above the 20-day EMA, at 117.978, and this has exposed resistance at 118.590, the Jan 12 high and a key short-term resistance. Clearance of this level would highlight a stronger reversal. On the downside, key support and the bear trigger is unchanged at 117.280, the Jan 25 low.
