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Bearish Outlook

EURGBP TECHS
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8669 High Aug 11
  • RES 2: 0.8629 100-dma
  • RES 1: 0.8588/8611 50-day EMA / High Aug 30
  • PRICE: 0.8536 @ 06:26 BST Sep 6
  • SUP 1: 0.8524 Low Sep 06
  • SUP 2: 0.8493 Low Aug 23 and the bear trigger
  • SUP 3: 0.8482 1.0% 10-dma envelope
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

EURGBP maintains a softer short-term tone and remains below 0.8611, the Aug 30 high. Gains have recently stalled above the 50-day EMA - at 0.8588. A break of this average and 0.8611 is required to strengthen a short-term bullish theme that would open 0.8669, the Aug 11 high. For now, moving average studies continue to highlight a medium-term downtrend, the bear trigger lies at 0.8493, Aug 23 low. A break would resume the trend.

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