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Break of 50-dma Would Be Constructive

EURGBP TECHS
  • RES 4: 0.8749 50.0% retracement of the Feb 3 - Jun 19 downleg
  • RES 3: 0.8719 High May 23
  • RES 2: 0.8610/58 50DMA / High Jun 28 and bull trigger
  • RES 1: 0.8608 High Jul 18
  • PRICE: 0.8604 @ 08:32 BST Jul 18
  • SUP 1: 0.8504 Low Jul 11
  • SUP 2: 0.8471 1.0% 10-dma envelope
  • SUP 3: 0.8454 76.4% retracement of the Mar - Sep 2022 bull cycle
  • SUP 4: 0.8408 Low Aug 24 2022

EUR/GBP’s recovery off the July low has improved the previously bearish outlook, with the 50-dma the next key level looking higher. The 50-dma at 0.8610 was last crossed in April, and a break above here would be constructive. Moving average studies are in bear-mode position, highlighting current trend conditions. The downside focus is on 0.8454, a Fibonacci retracement point.

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