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50-Day EMA Remains Exposed

EURGBP TECHS
  • RES 4: 0.9388 High Mar 23 2020
  • RES 3: 0.9292 High Sep 11 2020
  • RES 2: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 1: 0.8850 High Sep 30
  • PRICE: 0.8745 @ 14:14 BST Oct 7
  • SUP 1: 0.8663/49 50-day EMA / Low Oct 4
  • SUP 2: 0.8626 Low Sep 1
  • SUP 3: 0.8559 76.4% retracement of the Aug 2 - Sep 26 rally
  • SUP 4: 0.8522 Low Aug 30

EURGBP bounced ahead of a test of the 50-day EMA Tuesday, although the outlook remains negative for now. Monday’s bearish extension put prices below the 20-day EMA and reinforces short-term bearish conditions. Attention remains on the 50-day EMA, at 0.8652 today and represents a key near-term support. A clear break would signal scope for a deeper retracement. On the upside, initial firm resistance is seen at 0.8850, the Sep 30 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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