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Bearish Break

EURGBP TECHS
  • RES 4: 0.8875 High Apr 25 and a key resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 1: 0.8768 High Nov 20 and the bull trigger
  • PRICE: 0.8673 @ 16:12 GMT Nov 24
  • SUP 1: 0.8663 38.2% Retracement Aug - Nov Upleg
  • SUP 2: 0.8650 Low Nov 6 and a key support
  • SUP 3: 0.8616 Low Oct 11 and a reversal trigger
  • SUP 4: 0.8569 Low Sep 15 and a key support

The trend outlook in EURGBP has begun to turn, with key support at the 50- and 200-dmas giving way ahead of the Friday close. These breaks signal scope for a deeper retracement, which would target 0.8663 and 0.8650 in the short-term. The bull trigger has been defined at 0.8768, the Nov 20 high. Clearance of this hurdle would resume the uptrend.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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