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Bullish Rally

  • RES 4: 0.8553 High Dec 10/14 2021
  • RES 3: 0.8536 2.0% 10-dma envelope
  • RES 2: 0.8498 High Dec 23
  • RES 1: 0.8478 High Feb 7
  • PRICE: 0.8475 @ 14:57 GMT Mar 29
  • SUP 1: 0.8386 Intraday low
  • SUP 2: 0.8296 Low Mar 23
  • SUP 3: 0.8278 Low Mar 7
  • SUP 4: 0.8203 Low Mar 7 and the bear trigger

EURGBP traded higher Monday, easing the current bearish threat. Key short-term resistance at 0.8458, Mar 17 high, has been breached today and this highlights a short-term reversal. The break also confirms a resumption of the uptrend that started Mar 7 and signals scope for an extension higher near-term. The focus is on 0.8278, Mar 7 high and 0.8498, the Dec 23 2021 high. Initial support is at today’s low of 0.8386.

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