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Bearish Theme Intact

EURGBP TECHS
  • RES 4: 0.9066/9266 High Sep 28 / High Sep 26 and key resistance
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8781/8867 High Oct 21 / 12
  • RES 1: 0.8693 20-day EMA
  • PRICE: 0.8618 @ 15:46 GMT Nov 1
  • SUP 1: 0.8559 76.4% retracement of the Aug 2 - Sep 26 rally
  • SUP 2: 0.8522 Low Aug 30
  • SUP 3: 0.8471 Low Aug 28
  • SUP 4: 0.8408 Low Aug 24

EURGBP traded lower Monday before finding support and recovering from the session low. The outlook is bearish following recent weakness and the print below support at 0.8579, the Oct 17 low, reinforces the current bear condition. Attention is on 0.8559 next, a Fibonacci retracement. A break would open 0.8522, the Aug 30 low. Key short-term resistance is seen at 0.8781, the Oct 21 high, where a breach would reinstate a bullish theme.

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