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Technical Update - GBPUSD taking out key support 1.23. EURGBP close to be testing 0.87 resistance. Where to next?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: GBPUSD taking out key support 1.23. Couyld drop to 1.2175 and confirm medium-term down trend
EURGBP close to be testing 0.87 resistance after pattern break out, but could move as high as to 0.88
GBPUSD has broken below key support at around 1.23.
Daily RSI is indicating lower levels are likely.
The two lower falling trendlines on the daily chart are parallel shifted from the upper falling trend line and give an idea of some support.
However, next strong support is at 1.2175. If GBPUSD is dropping to that level it will be extremely oversold short-term.
A rebound/correction should be expected if GBPUSD is dropping to the 1.2175 level.
EURGBP is close to test the peak of the Descending triangle it broke bullish out of a couple of days ago.
RSI is above 60 strongly indicating higher EURGBP levels are likely. A close above 0.87 will pave the way towards 0.88 as indicated by the two vertical arrows.
However, statistically the move after a Descending triangle break out is often cut short at around the 0.618 ratio i.e., at around 0.8737
To demolish this bullish picture EURGBP needs to close below 0.86 and back below the upper falling trend line in the triangle