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Bullish Outlook

EURGBP TECHS
  • RES 4: 0.8852 50.0% retracement of the 2020 - 2022 downleg
  • RES 3: 0.8840 High Feb 2
  • RES 2: 0.8811 1.236 proj of the Apr 14 - Jun 15 - Aug 2 price swing
  • RES 1: 0.8721/22 High Jun 15 / High Sep 12
  • PRICE: 0.8653 @ 06:20 BST Sep 15
  • SUP 1: 0.8593 20-day EMA
  • SUP 2: 0.8567 Low Sep 6 and a key short-term support
  • SUP 3: 0.8536 50-day EMA
  • SUP 4: 0.8471 Low Aug 29

The recent pullback in EURGBP is considered corrective. The cross maintains a bullish tone and attention is on key resistance at 0.8721, the Jun 15 high and an important bull trigger. This level was pierced Monday. Clearance of this hurdle would confirm a resumption of the bull cycle that started early March and open 0.8811, a Fibonacci projection. On the downside, initial firm support is unchanged at 0.8567, the Sep 6 low.

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