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Conditions Remains Bullish

EURGBP TECHS
  • RES 4: 0.8553 High Feb 14
  • RES 3: 0.8498/8520 High Dec 23 / 2.0% 10-dma envelope
  • RES 2: 0.8478 High Feb 7 and a bull trigger
  • RES 1: 0.8458 Mar 17 High
  • PRICE: 0.8456 @ 17:19 GMT Mar 17
  • SUP 1: 0.8363/17 20-day EMA / Low Mar 9
  • SUP 2: 0.8278 Low Mar 7
  • SUP 3: 0.8203 Low Mar 7 and the bear trigger
  • SUP 4: 0.8131 Low Jun 27, 2016

EURGBP is close to the top end of the recent range. The cross has recently traded above the key resistance of 0.8406, the Feb 25 high. This has strengthened the short-term bullish condition and signals scope for an extension towards the next resistance at the early February highs of 0.8478. On the downside, initial firm support to watch is seen at 0.8317, the Mar 9 low. A break would highlight a potential reversal.

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

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