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Approaching Trendline Resistance

EURGBP TECHS
  • RES 4: 0.8918 76.4% retracement of the Feb 3 - Mar 15 bear leg
  • RES 3: 0.8880 61.8 retracement of the Feb 3 - Mar 15 bear leg
  • RES 2: 0.8856/66 Trendline drawn from the Feb 3 high / High Mar 23
  • RES 1: 0.8852 High Apr 14
  • PRICE: 0.8848 @ 15:57 BST Apr 14
  • SUP 1: 0.8795 20-day EMA
  • SUP 2: 0.8763/8729 Low Apr 11 / 4
  • SUP 3: 0.8719 Low Mar 15 and key support
  • SUP 4: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg

EURGBP traded higher still Friday. The cross has breached resistance at the 20-day EMA at 0.8795 and traded above 0.8829, the Mar 30 high. This strengthens the current bullish theme and attention turn to trendline resistance at 0.8856. The trendline is drawn from the Feb 3 high. On the downside, key support lies at 0.8719, the Mar 15 low. A break would be bearish. Initial support lies at 0.8795.

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