Blake Morrow’s Chart of The Day – Feb 18th 2021

EURGBP

The EURGBP is at key support at the .8680 level which are the lows from spring 2020, but the pair looks like it should take stops below this level and continue towards the .8620/40 level. The .8644 level is the 161% extension of the last move higher of late 2020, and with the RSI so oversold, the risk of a bounce from there is relatively high. In addition, the long term multi year trend line comes in at the .8600/10 level which may offer additional support for a bounce. Am I bullish there? No, but a bounce may be in order.