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Broader Trend Direction Remains Up

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8877 High Dec 30
  • PRICE: 0.8811 @ 15:57 GMT Jan 9
  • SUP 1: 0.8769 Low Jan 9
  • SUP 2: 0.8727 50-day EMA
  • SUP 3: 0.8646 High Dec 8
  • SUP 4: 0.8593 Low Dec 15

EURGBP remains below the Dec 30 high of 0.8877 but is holding on to the bulk of its gains since early December. The outlook is bullish and last month's break of 0.8829, Nov 9 high, reinforced this theme. This opens 0.8907, a Fibonacci retracement point. Moving average studies highlight a bullish backdrop, reinforcing the current trend direction. Initial firm support is seen at 0.8727, the 50-day EMA. A clear break would be bearish.

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

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