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Bearish Outlook

  • 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: 0.8738/8867 20-day EMA / High Oct 12
  • PRICE: 0.8649@ 06:04 BST Oct 18
  • 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 maintains a bearish tone. The contract traded lower last week, extending the pullback from 0.8867, the Oct 12 high. The sell-off resulted in a break of support at 0.8649 and a move below the 50-day EMA at 0.8677. This signals scope for an extension lower and has opened 0.8559, a Fibonacci retracement level. Key short-term resistance has been defined at 0.8867 where a break is required to reinstate a bullish theme.

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