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Bearish Outlook

  • RES 4: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8781/8867 High Oct 21 / 12
  • RES 1: 0.8684 20-day EMA
  • PRICE: 0.8604 @ 15:10 GMT Nov 2
  • 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

The short-term EURGBP trend needle still points south. The print below support at 0.8579, the Oct 17 low, reinforces the current bear condition and attention is on 0.8559 next, a Fibonacci retracement. Clearance of this level would open 0.8522, the Aug 30 low. On the upside, key short-term resistance is unchanged at 0.8781, the Oct 21 high, where a break would reinstate a bullish outlook.

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