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Clears Resistance

EURGBP TECHS
  • RES 4: 0.8835 High May 3
  • RES 3: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8768 High May 5
  • RES 1: 0.8736 50.0% retracement of the Feb 3 - Aug 23 downleg
  • PRICE: 0.8718 @ 06:46 BST Oct 20
  • SUP 1: 0.8661 20-day EMA
  • SUP 2: 0.8633/16 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

EURGBP traded higher Thursday and in the process breached key short-term resistance at 0.8706, the Sep 26 high and a bull trigger. The break confirms a resumption of the current bull cycle and reinforces the bullish importance of the recent break of trendline resistance, drawn from the Feb 3 high. Attention turns to 0.8736, a Fibonacci retracement. On the downside. Initial firm support is seen at 0.8655, the 20-day EMA.

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