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Approaching Support

EURGBP TECHS
  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23 and a congestion high
  • RES 2: 0.8701 High Jul 19
  • RES 1: 0.8667/8669 100-dma / High Aug 11
  • PRICE: 0.8599 @ 06:13 BST Aug 15
  • SUP 1: 0.8590/44 Low Aug 9 / Low Jul 27
  • SUP 2: 0.8530 1.0% 10-dma envelope
  • SUP 3: 0.8504 Low Jul 11 and key support
  • SUP 4: 0.8471 Low Aug 29 2022

Last week’s gains in EURGBP resulted in a breach of resistance at 0.8656, the Aug 3 high. However, the cross has failed to hold on to recent and traded yesterday extending the reversal from 0.8669, the Aug 11 high and the key short-term hurdle for bulls. Support to watch lies at 0.8590, the Aug 9 low. A break would signal scope for an extension lower towards 0.8544, the Jul 27 low. Moving average studies continue to highlight a dominant downtrend.

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