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Approaching Key Resistance

EURGBP TECHS
  • RES 4: 0.8840 High Feb 2
  • RES 3: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
  • RES 2: 0.8721 High Jun 15 and a medium-term bull trigger
  • RES 1: 0.8689 High Sep 7
  • PRICE: 0.8665 @ 16:49 BST Sep 8
  • SUP 1: 0.8567 Low Sep 6
  • SUP 2: 0.8545 20-day EMA
  • SUP 3: 0.8507 50-day EMA
  • SUP 4: 0.8408 Low Aug 23

EURGBP rallied again Friday and is holding on to this week’s gains. The cross has now topped 0.8679, the Jul 1 high. Clearance here strengthens bullish conditions and exposes the key resistance at 0.8721, the Jun 15 high and an important bull trigger. A break of 0.8721 would confirm a resumption of the bull cycle that started early March. On the downside, initial firm support is seen at 0.8567, the Sep 6 low.

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

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