EURGBP TECHS: Sights Are On The Bull Trigger
- RES 4: 0.8835 High May 3 2023
- RES 3: 0.8800 Round number resistance
- RES 2: 0.8769 High Jul 28 and the bull trigger
- RES 1: 0.8746 High Sep
- PRICE: 0.8728 @ 06:27 BST Sep 25
- SUP 1: 0.8656/8597 50-day EMA / Low Aug 14 and the bear trigger
- SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg
- SUP 3: 0.8540 Low Jun 30
- SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg
EURGBP is trading closer to its recent highs and a bullish theme remains intact. The latest recovery paves the way for an extension towards the bull trigger at 0.8769, the Jul 28 high. Clearance of this level would strengthen the bull theme. Support to watch lies at 0.8597, the Aug 14 low. A breach of this level would instead reinstate a recent bearish threat. First support is 0.8656, the 50-day EMA.
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LOOK AHEAD: UK Timeline of Key Events (Times BST)
| Date | Time | Period | Event |
| 26-Aug | - | --- | DMO to hold FQ3 consultations with investors / GEMMs |
| 26-Aug | 1500 | --- | BOE Mann at Banxico Conference (Text release) |
| 27-Aug | 1100 | Aug | CBI Distributive Trades |
| 29-Aug | 0730 | --- | DMO to release FQ3 (Oct-Dec) issuance ops calendar |
| 01-Sep | 0930 | Jul/Aug | BOE Lending to Individuals / M4 / S&P Manuf PMI (f) |
| 03-Sep | 0830 | --- | BOE Mann at Signum's London Westminster Day roundtable |
| 03-Sep | 0915 | --- | BOE Breeden at Money and Payments Conference |
| 03-Sep | 0930 | Aug | S&P Global Services / Composite PMI (Final) |
| 04-Sep | 0930 | Aug | BOE Decision Maker Panel data / S&P Construction PMI |
| 05-Sep | 0700 | Jul | Retail Sales |
| 08-Sep | 0001 | --- | KPMG / REC Report on Jobs |
| 09-Sep | 0001 | Aug | BRC-KPMG Shop Sales Monitor |
| 12-Sep | 0700 | Jul | GDP / Services / Production / Trade / Construction |
| 12-Sep | 0930 | Aug | Bank of England/Ipsos Inflation Attitudes Survey |
| 16-Sep | 0700 | Aug | Labour Market Survey |
| 17-Sep | 0700 | Aug | Consumer inflation report |
| 18-Sep | 1200 | --- | Bank Of England Interest Rate |
GBPUSD TECHS: Bullish Engulfing Candle Highlights A Reversal
- RES 4: 1.3753 High High Jul 2
- RES 3: 1.3681 High Jul 4
- RES 2: 1.3636 76.4% retracement of the Jul 1 - Aug1 downleg
- RES 1: 1.3544/3595 High Aug 22 / 14
- PRICE: 1.3456 @ 06:19 BST Aug 26
- SUP 1: 1.3391 Low Aug 22
- SUP 2: 1.3315 61.8% retracement of the Aug 1 - 14 bull leg
- SUP 3: 1.3249 76.4% retracement of the Aug 1 - 14 bull leg
- SUP 4: 1.3142 Low Aug 1 and a key support
A rally on Friday GBPUSD signals the end of the recent corrective phase - Friday’s reversal pattern is a bullish engulfing candle. An extension higher would refocus attention on the short-term bull trigger at 1.3595, the Aug 14 high. Clearance of this level would signal scope for a climb towards 1.3636, the 76.4% retracement of the bear leg between Jul 1 and Aug 1. Key short-term support has been defined at 1.3391, the Aug 22 low.
LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 26-Aug | 0745 | FR | Consumer Sentiment |
| 27-Aug | 0700 | DE | GFK Consumer Climate |
| 28-Aug | 0900 | EU | M3 |
| 28-Aug | 0900 | IT | ISTAT Business / Consumer Confidence |
| 28-Aug | 1000 | EU | Consumer Confidence, Industrial Sentiment |
| 29-Aug | 0700 | DE | Import/Export Prices / Retail Sales |
| 29-Aug | 0745 | FR | HICP (p) / PPI / GDP (f) / Consumer Spending |
| 29-Aug | 0800 | ES | HICP (p) |
| 29-Aug | 0855 | DE | Unemployment |
| 29-Aug | 0900 | IT | GDP (f) |
| 29-Aug | 0900 | DE | Regional CPIs |
| 29-Aug | 0900 | EU | ECB Consumer Expectations Survey |
| 29-Aug | 1000 | IT | HICP (p) |
| 29-Aug | 1000 | EU | ECB de Guindos at Cursos Europeos de Verano |
| 29-Aug | 1300 | DE | CPI (p) |
