MNI China Daily Summary: Wednesday, December 11

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Bearish Outlook

EURGBP TECHS
  • RES 4: 0.8768 High Nov 20
  • RES 3: 0.8715 High Dec 28 and the bull trigger
  • RES 2: 0.8676 High Jan 3
  • RES 1: 0.8596/22 20- and 50-day EMA values
  • PRICE: 0.8558 @ 06:23 GMT Jan 25
  • SUP 1: 0.8536 Low Jan 24
  • SUP 2: 0.8524 Low Sep 5
  • SUP 3: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 4: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase

EURGBP traded lower again Wednesday. The cross has pierced support at 0.8549, the Dec 11 low, and a bear threat remains present. Moving average studies are in a bear-mode position too, highlighting a clear downtrend. A firm break of 0.8549 would strengthen the current condition and open 0.8493, Aug 23 ‘23 low and a key support. The 50-day EMA, at 0.8622, is the initial firm resistance to watch. Clearance of the average would ease bearish pressure.

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