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Bull Cycle Extends

EURGBP TECHS
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8685 Trendline resistance drawn from the Feb 3 high
  • RES 2: 0.8669 High Aug 11
  • RES 1: 0.8636 Intraday high
  • PRICE: 0.8629 @ 06:30 BST Sep 19
  • SUP 1: 0.8569 Low Sep 15 and a key near-term support
  • SUP 2: 0.8524 Low Sep 06
  • SUP 3: 0.8502 1.0% 10-dma envelope
  • SUP 4: 0.8493 Low Aug 23 and the bear trigger

A short-term bull cycle in EURGBP, remains in play and the cross has traded higher. Price has recently breached resistance at 0.8611, the Aug 30 high, and the continuation higher signals scope for a climb towards 0.8685, trendline resistance drawn from the Feb 3 high and a key resistance. On the downside, initial firm support lies at 0.8569, the Sep 15 low. A break of this level would signal a potential top.

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