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EURGBP TECHS: Bearish Theme

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKMarketsForeign Exchange Bullets
  • RES 4: 0.8378 High Feb 6 and a reversal trigger     
  • RES 3: 0.8361 50.0% retracement of the Jan 20 - Feb 3 bear leg  
  • RES 2: 0.8325 50-day EMA  
  • RES 1: 0.8306 High Feb 26 and a key short-term resistance    
  • PRICE: 0.8263 @ 06:36 GMT Mar 3 
  • SUP 1: 0.8241 Intraday low  
  • SUP 2: 0.8223 Low Dec 19 and a key support  
  • SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range   
  • SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg 

A bearish condition in EURGBP remains intact following last week’s move lower. The cross has pierced a key support at 0.8248, the Feb 3 low. A clear breach of this level would strengthen the bearish condition and pave the way for an extension towards 0.8223 , the Dec 19 low and the next key support. To the upside, initial firm resistance has been defined at 0.8306, the Feb 26 high. Clearance of this hurdle would suggest a possible base and a reversal.

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  • RES 4: 0.8378 High Feb 6 and a reversal trigger     
  • RES 3: 0.8361 50.0% retracement of the Jan 20 - Feb 3 bear leg  
  • RES 2: 0.8325 50-day EMA  
  • RES 1: 0.8306 High Feb 26 and a key short-term resistance    
  • PRICE: 0.8263 @ 06:36 GMT Mar 3 
  • SUP 1: 0.8241 Intraday low  
  • SUP 2: 0.8223 Low Dec 19 and a key support  
  • SUP 3: 0.8203 Low Mar 7 ‘22 and a lowest point of a multi-year range   
  • SUP 4: 0.8163 123.6% retracement of the Dec 19 - Jan 20 bull leg 

A bearish condition in EURGBP remains intact following last week’s move lower. The cross has pierced a key support at 0.8248, the Feb 3 low. A clear breach of this level would strengthen the bearish condition and pave the way for an extension towards 0.8223 , the Dec 19 low and the next key support. To the upside, initial firm resistance has been defined at 0.8306, the Feb 26 high. Clearance of this hurdle would suggest a possible base and a reversal.