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Clears Key Short-Term Resistance

EURGBP TECHS
  • RES 4: 0.8875 High Apr 25 and a key resistance
  • RES 3: 0.8835 High May 3
  • RES 2: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 1: 0.8768 High May 5
  • PRICE: 0.8743 @ 10:22 GMT Oct 31
  • SUP 1: 0.8722/8685 Intraday low / 20-day EMA
  • SUP 2: 0.8653/16 50-day EMA / Low Oct 11 and the bear trigger
  • SUP 3: 0.8569 Low Sep 15 and a key support
  • SUP 4: 0.8558 Low Sep 11

A bullish theme in EURGBP remains intact and the cross is trading higher today. Price has breached resistance at 0.8741, the Oct 20 high, to confirm a resumption of the uptrend that started Aug 23. The break higher signals scope for an extension towards 0.8793, a Fibonacci retracement. On the downside, support to watch lies at 0.8685, the 20-day EMA. Clearance of this average would signal the start of a corrective cycle.

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