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Bullish Above Former Trendline

EURGBP TECHS
  • RES 4: 0.9127 61.8% retracement of the Sep 9 - Nov 11 downtrend
  • RES 3: 0.9101 3.0% Upper Bollinger Band
  • RES 2: 0.9107 High Oct 23
  • RES 1: 0.9084 High Dec 2
  • PRICE: 0.9042 @ 05:54 GMT Dec 7
  • SUP 1: 0.8968 Former trendline resistance drawn off the Sep 11 high
  • SUP 2: 0.8929 Low Dec 1
  • SUP 3: 0.8861 Low Nov 11 and the bear trigger
  • SUP 4: 0.8830 Low May 15

EURGBP maintains a bullish but volatile tone. The cross last week cleared key trendline resistance drawn off the Sep 11 high. An ability to remain above the line and clear the 0.9000 handle reinforces short-term bullish conditions that have recently signalled a reversal. Scope is seen for a climb towards the 0.9101 vol band resistance and 0.9127, a retracement. On the downside, initial firm support is seen at 0.8974, the former trendline resistance.

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