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Approaching Key Short-Term Resistance

EURGBP TECHS
  • RES 4: 0.8541 High May 31
  • RES 3: 0.8525 High Jun 6
  • RES 2: 0.8499 High Jul 1 and a key resistance
  • RES 1: 0.8486 Intraday high
  • PRICE: 0.8483 @ 06:34 BST Aug 2
  • SUP 1: 0.8433 20-day EMA
  • SUP 2: 0.8393/83 Low Jul 25 / 17 and the bear trigger
  • SUP 3: 0.8366 2.236 proj of the Apr 23 - 30 - May 9 price swing
  • SUP 4: 0.8333 1.0% 10-dma envelope

EURGBP traded higher Thursday and the cross is firmer again, today. This week’s gains have exposed resistance at 0.8499, the Jul 1 high and a key hurdle for bulls. Clearance of this level would undermine the recent bearish theme and highlight a potential short-term reversal. Note that price is also above the 50-day EMA. Initial support to watch lies at 0.8433, the 20-day EMA.

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