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Approaching The Bear Trigger

EURGBP TECHS
  • RES 4: 0.8676 High Jan 3
  • RES 3: 0.8620 High Jan 20
  • RES 2: 0.8593 High Jan 19
  • RES 1: 0.8553/78 20-day EMA / High Feb 20 and key resistance
  • PRICE: 0.8519 @ 13:59 GMT Mar 08
  • SUP 1: 0.8508 Intraday low
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 76.4% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

EURGBP is trading lower today and the cross has breached minor support at 0.8528, the Feb 23 low. The broader trend direction remains down and moving average studies are in a bear-mode set up. The bear trigger lies at 0.8493, the Aug 23 low. Clearance of this level would confirm a resumption of the trend and signal scope for 0.8454, a Fibonacci retracement. For bulls, key resistance is at 0.8578, the Feb 20 high.

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