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Attention Remains On Key Support

  • RES 4: 0.9069 High Nov 5
  • RES 3: 0.9004 High Nov 12
  • RES 2: 0.9000 Trendline drawn off the Sep 11 high
  • RES 1: 0.8956 20-day EMA
  • PRICE: 0.8941 @ 10:49 GMT Nov 27
  • SUP 1: 0.8861 Low Nov 11 and the bear trigger
  • SUP 2: 0.8830 Low May 15
  • SUP 3: 0.8803 Low May 13
  • SUP 4: 0.8748 61.8% retracement of the Feb - March Rally

EURGBP continues to trade above recent lows. A bearish tone however remains intact. Attention is still focused on key support at 0.8861, Nov 11 low where a break would negate recent short-term bullish signals and instead confirm a resumption of the downtrend that has been in place since the reversal on Nov 11. The cross continues to trade below trendline resistance at 0.9000, drawn off the Sep 11 high. A break is required to signal a reversal.

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