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Bearish Risk Still Present

EURGBP TECHS
  • RES 4: 0.8498 High Dec 23
  • RES 3: 0.8450 50-day EMA
  • RES 2: 0.8400/19 20-day EMA / High Jan 3
  • RES 1: 0.8381 Low Nov 22
  • PRICE: 0.8346 @ 06:24 GMT Jan 13
  • SUP 1: 0.8324 Low Jan 11
  • SUP 3: 0.8300 Base of the multi-year broad range
  • SUP 4: 0.8282/77 Low Feb’20 / Dec’19 and key bear trigger
  • SUP 4: 0.8242 50% Fibonacci Retracement 2015-2020 Upleg

EURGBP is unchanged and consolidating near recent lows. The cross remains vulnerable and further weakness is seen likely with attention on the major support and bear triggers at 0.8282/77, the Feb’20 and Dec’19 lows. The cross is also approaching the base of a broad multi-year range at 0.8300. This level represents a key pivot chart point and a clear break would highlight an important range breakout. Initial firm resistance is at 0.8419.

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