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Bear Threat Remains Present

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8815/97 High Jan 23 / 13 and the bull trigger
  • PRICE: 0.8777 @ 06:43 GMT Jan 24
  • SUP 1: 0.8722 Low Jan 19
  • SUP 2: 0.8691 Low Dec 19
  • SUP 3: 0.8630 76.4% retracement of the Dec 1 - Jan 13 bull cycle
  • SUP 4: 0.8593 Low Dec 15

EURGBP is consolidating and trading closer to its recent lows. A bearish threat remains present following last week’s move lower. The cross has traded below the 50-day EMA, at 0.8756. The average represents a key support and a clear break of it would signal scope for a deeper retracement towards 0.8691 initially, Dec 19 low. Key short-term resistance has been defined at 0.8897, Jan 13 high. A break would resume bullish activity.

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