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EURGBP TECHS

Still In Consolidation Mode

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Bullish Price Sequence Intact

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  • RES 4: 0.8595 High Nov 5 and a key resistance
  • RES 3: 0.8574 High Nov 11
  • RES 2: 0.8544 76.4 retracement of the Nov 5 - 22 sell-off
  • RES 1: 0.8513 61.8% retracement of the Nov 5 - 22 sell-off
  • PRICE: 0.8496 @ 06:19 GMT Nov 30
  • SUP 1: 0.8411/8381 Low Nov 26 / Low Nov 22
  • SUP 2: 0.8356 Low Feb 26, 2020
  • SUP 3: 0.8339 Low Feb 25, 2020
  • SUP 4: 0.8282/77 Low Feb 18, 2020 / Low Dec 13, 2019

EURGBP rallied Friday and has inched higher again today. The bounce is likely a correction though. Trend conditions remain bearish following the recent sharp sell-off and breach of 0.8403, Oct 26 low. The focus is on 0.8356 next, Feb 26, 2020 low. Resistance to watch is at 0.8513, a Fibonacci retracement level. A break would suggest scope for an even stronger recovery towards 0.8544 initially.