EURGBP TECHS: Support Remains Intact

• RES 4: 1.3368 50.0% retracement of the Sep 17 - Nov 4 bear leg    
• RES 3: 1.3297 50-day EMA   
• RES 2: 1.3284 38.2% retracement of the Sep 17 - Nov 4 bear leg 
• RES 1: 1.3198/3206 20-day EMA / High Nov 13
• PRICE: 1.3150 @ 06:29 GMT Nov 19
• SUP 1: 1.3085/10 Low Nov 12 / Low Nov 4 & 5 and the bear trigger 
• SUP 2: 1.2971 1.382 proj of the Sep 17 - 25 - Oct 1 price swing
• SUP 3: 1.2945 50.0% retracement of the Jan 13 - Jul 1 bull leg
• SUP 4: 1.2877 1.618 proj of the Sep 17 - 25 - Oct 1 price swing          

Key short-term resistance in GBPUSD is seen at the 20-day EMA, at 1.3198. It has been pierced, a clear break of it would signal scope for a stronger corrective cycle and expose the 50-day EMA, at 1.3297. Moving average studies remain in a bear-mode condition and continue to highlight a dominant downtrend. A reversal would signal the end of the correction and a resumption of the bear leg. The bear trigger is 1.3010, the Nov 4 and 5 low.

• RES 4: 118.600 High Oct 24       
• RES 3: 118.360 High Oct 28   
• RES 2: 118.270 High Nov 5  118.360/600 High Oct 28 / 24
• RES 1: 118.114 50-day EMA.   
• PRICE: 117.950 @ 06:06 GMT Nov 19
• SUP 1: 117.800 Low Nov 17 / 18  
• SUP 2: 117.710 Low Oct 6  
• SUP 3: 117.630 Low Oct 1  
• SUP 4: 117.470 Low Sep 15 and a key support 

The short-term trend condition in Bobl futures remains bearish and a fresh cycle low this week reinforces current conditions. Recent weakness resulted in a breach of 118.043, 61.8% of the Sep 25 - Oct 17 bull cycle. Note that 117.824, the 76.4% retracement, has been pierced. A continuation lower would open 117.630, the Oct 1 low. Initial firm resistance is seen at 118.114, the 50-day EMA.