This morning, the EUR/GBP cross is beginning to erode the 0.8492 lows that have held since August 2022. This level is vulnerable, and directly below it lies the 200-month moving average (MA) at 0.8434.
However, we believe the GBP/USD chart is more critical. The pair is pushing hard into the 16-year downtrend and the 55-month MA at 1.2850. Additionally, there is the 200-week MA at 1.2855 and the March high at 1.2894, all of which present significant resistance.
We should consider the possibility that these resistance levels will hold on the initial test. However, it is important to keep an eye on these markets, as we suspect these key levels are under attack. Given their importance, a weekly close beyond these levels is necessary to confirm any break.
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However, we believe the GBP/USD chart is more critical. The pair is pushing hard into the 16-year downtrend and the 55-month MA at 1.2850. Additionally, there is the 200-week MA at 1.2855 and the March high at 1.2894, all of which present significant resistance.
We should consider the possibility that these resistance levels will hold on the initial test. However, it is important to keep an eye on these markets, as we suspect these key levels are under attack. Given their importance, a weekly close beyond these levels is necessary to confirm any break.
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -
technicalanalysts.com
technicalanalysts.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.