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Bullish Outlook

EURGBP TECHS
  • RES 4: 0.8627 High Jul 4
  • RES 3: 0.8585 High Jul 21 and a key resistance
  • RES 2: 0.8525 High Jul 25
  • RES 1: 0.8512 High Aug 19 and key intraday hurdle
  • PRICE: 0.8511 @ 06:19 BST Aug 29
  • SUP 1: 0.8448/8408 20-day EMA / Low Aug 23
  • SUP 2: 0.8388/40 Low Aug 17 / 2 and the bear trigger
  • SUP 3: 0.8313 Low Apr 22
  • SUP 4: 0.8277 2.0% 10-dma envelope and low Apr 14

EURGBP has started the week on a firmer note and is again above the 50-day EMA. The recent high print of 0.8512 (Aug 19), was seen as a bullish development and attention is on this resistance. A break would strengthen bullish conditions and resume the uptrend that started early August. This would open 0.8525 and potentially 0.8585 further out, the Jul 25 and 21 highs respectively. Initial key support to watch is at 0.8408, the Aug 24 low.

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