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(H3) Watching Support At The 20-Day EMA


Bear Threat Still Present


EGB Supply - W/C January 23, 2023


Heading North


Resistance Remains Exposed


(H3) Uptrend Intact While Support Holds

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Bear Threat Remains Present

  • RES 4: 0.9292 High Sep 11 2020
  • RES 3: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 2: 0.8980 High Sep 29
  • RES 1: 0.8781/8867 High Oct 21 / 12
  • PRICE: 0.8766 @ 16:04 BST Oct 21
  • SUP 1: 0.8559 76.4% retracement of the Aug 2 - Sep 26 rally
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8408 Low Aug 24

EURGBP continues to trade above its recent lows. A short-term bearish threat remains present. This follows the strong reversal from 0.9266, the Sep 26 high. Support at 0.8649, the Oct 4 low, has been cleared. This suggests scope for an extension lower towards 0.8559, a Fibonacci retracement. Key short-term resistance has been defined at 0.8867, Oct 12 high, where a break is required to reinstate a bullish theme.

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