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Clears The Bull Trigger

EURGBP TECHS
  • RES 4: 0.8992 61.8% Retracement of the Sep 26 - Dec 1 bear leg
  • RES 3: 0.8980 High Sep 29
  • RES 2: 0.8907 50.0% retracement of the Sep 26 - Dec 1 bear leg
  • RES 1: 0.8956 High Feb 2
  • PRICE: 0.8910 @ 16:42 GMT Feb 2
  • SUP 1: 0.8875/0.8852 Low Feb 2 / High Jan 25
  • SUP 2: 0.8803 20-day EMA
  • SUP 3: 0.8769 50-day EMA
  • SUP 4: 0.8722 Low Jan 19 and a reversal trigger

EURGBP traded volatile, but within a range Thursday, settling slightly higher, but well off the session’s best levels. This week’s bull run reinforces a bullish theme and the cross has cleared resistance at 0.8897, the Jan 13 high and a bull trigger.The clear breach of this level confirms a resumption of the uptrend that started early December last year and has opened 0.8992, a Fibonacci retracement. Note that moving average studies are in a bull-mode position. First key support is at 0.8803, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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