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Bearish With 0.8700 Cleared

EURGBP TECHS
  • RES 4: 0.8840 High Feb 4
  • RES 3: 0.8797 High Feb 9
  • RES 2: 0.8739 Low Feb 5
  • RES 1: 0.8700 Feb 18 high
  • PRICE: 0.8650 @ 19:45 GMT Feb 21
  • SUP 1: 0.8640 Low Feb 19, 2021
  • SUP 2: 0.8621 Low Mar 5, 2020
  • SUP 3: 0.8595 Low Mar 2, 2020
  • SUP 4: 0.8570 76.4% Feb-Mar 2020 Rally

EURGBP traded lower into the Friday close as the current bearish cycle extends. The clear break of the 0.8700 handle sets the scene for a move lower towards 0.8600 next and the 0.8570 Fibonacci retracement, 76.4% of the Feb - Mar 2020 rally. Thursday's key technical break has been the move below 0.8671, the Apr 30 2020 low. This reinforces current trend conditions. Initial resistance is at 0.8700, Feb 18 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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