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Corrective Cycle Remains In Play

EURGBP TECHS
  • RES 4: 0.8715 High Dec 28
  • RES 3: 0.8677 76.4% retracement of the Nov 20 ‘23 - Jul 17 bear leg
  • RES 2: 0.8645 High Apr 23 and a key resistance
  • RES 1: 0.8593/8625 High Aug 14 / 8 and the bull trigger
  • PRICE: 0.8524 @ 06:33 BST Aug 19
  • SUP 1: 0.8511 Low Aug 16
  • SUP 2: 0.8495 50-day EMA
  • SUP 3: 0.8454 Low Aug 2
  • SUP 4: 0.8418 Low Aug 1

EURGBP is trading just above its recent lows and a corrective cycle remains in play. The retracement is allowing an overbought condition to unwind. Support at the 20-day EMA, at 0.8516, has been pierced. A firmer support to watch lies at the 50-day EMA, at 0.8495. For bulls, recent impulsive gains highlight potential for 0.8645, the Apr 23 high and a key resistance. Note that moving average studies are in bull-mode set-up, highlighting an uptrend.

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