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Bearish Risk

EURGBP TECHS
  • RES 4: 0.9085 High Jan 6
  • RES 3: 0.9002 50-day EMA
  • RES 2: 0.8996 High Jan 12
  • RES 1: 0.8937 High Jan 13
  • PRICE: 0.8889 @ 06:17 GMT Jan 19
  • SUP 1: 0.8866 Low Jan 15 and key support
  • SUP 2: 0.8861 Low Nov 11 and a bear trigger
  • SUP 3: 0.8784 2.0% 10-dma envelope
  • SUP 4: 0.8759 Low May 12, 2020

EURGBP maintains a weaker tone and is trading closer to recent lows. Last week's breach of support at 0.8932, Dec 31 low is weighing on the pair. Attention is on 0.8867, Nov 23 low that was briefly probed on Jan 15. Moving average studies are in a bear mode, reinforcing the current trend direction. On the upside, key short-term resistance has been defined at 0.9085, Jan 6 high. Initial resistance though is at 0.8937, Jan 13 high.

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