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Corrective Bounce

EURO-STERLING TECHS
  • RES 4: 0.9388 Mar 23 high
  • RES 3: 0.9305 76.4% retracement of the Mar - Apr sell-off
  • RES 2: 0.9292 High Sep 11 and the bull trigger
  • RES 1: 0.9208 High Sep 16
  • PRICE: 0.9175 @ 10:38 BST Sep 21
  • SUP 1: 0.9083 Low Sep 17
  • SUP 2: 0.9075 Low Sep 10
  • SUP 3: 0.9040 50-day EMA
  • SUP 4: 0.9029 61.8% retracement of the Sep 3 - 11 rally

EURGBP remains vulnerable despite continuing to find support as the cross corrects higher. Price recently stalled ahead of 0.9305, 76.4% of the Mar - Apr sell-off. This 0.9292, Sep 11 high to 0.9305 zone has been defined as a key resistance. On the downside, a deeper pullback would expose 0.9075, Sep 10 low and 0.9040, the 50-day EMA. A clear breach of the average would signal a stronger reversal. Resistance is at 0.9208, Sep 16 high.

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