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Bull Cycle Remains In Play

EURGBP TECHS
  • RES 4: 0.8701 High Jul 19 and a key resistance
  • RES 3: 0.8669 High Aug 11
  • RES 2: 0.8643 100-dma
  • RES 1: 0.8610 High Aug 29
  • PRICE: 0.8602 @ 06:29 BST Aug 30
  • SUP 1: 0.8556 Low Aug 28
  • SUP 2: 0.8536/8493 Low Aug 24 / 23 and the bear trigger
  • SUP 3: 0.8470 1.0% 10-dma envelope
  • SUP 4: 0.8454 61.8% retracement of the Mar 7 - Sep 26 2022 bull leg

EURGBP is holding onto its most recent gains and continues to trade above last week’s low of 0.8493. The contract has breached resistance at the 50-day EMA, at 0.8595. A continuation higher would strengthen a short-term bullish condition and suggest scope for a stronger correction, towards 0.8669, the Aug 11 high. Moving average studies continue to highlight a medium-term downtrend, the bear trigger lies at 0.8493, the Aug 23 low.

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