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Approaching Trendline Resistance

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8898 Trendline drawn from the Feb 3 high
  • RES 1: 0.8880 61.8% retracement of the Feb 3 - Mar 15 bear leg
  • PRICE: 0.8858 @ 07:06 GMT Mar 23
  • SUP 1: 0.8819/8772 50-day EMA / Low Mar 22
  • SUP 2: 0.8719 Low Mar 15 and key support
  • SUP 3: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 4: 0.8691 Low Dec 19

EURGBP is trading higher today as the cross extends the reversal from its recent lows. The move higher this week has resulted in a break of both the 20- and 50-day EMAs, exposing a key short-term trendline resistance at 0.8898. The trendline is drawn from the Feb 3 high. On the downside, key support has been defined at 0.8719, the Mar 15 low. A break of this level would reinstate the recent bearish theme.

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