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Corrective Cycle Still In Play

EURGBP TECHS
  • RES 4: 0.8768 High Nov 20 and key resistance
  • RES 3: 0.8725 High Nov 22
  • RES 2: 0.8690 High Nov 27
  • RES 1: 0.8646 50-day EMA
  • PRICE: 0.8635 @ 20:10 GMT Dec 18
  • SUP 1: 0.8549 Low Dec 11 and the bear trigger
  • SUP 2: 0.8524 Low Sep 5
  • SUP 3: 0.8493 Low Aug 23 and a key support
  • SUP 4: 0.8414 2.0% 10-dma envelope

The EURGBP trend needle continues to point south and the latest recovery appears to be a correction - for now. Moving average studies are in a bear-mode position highlighting a downtrend. A resumption of weakness would open 0.8524, the Sep 5 low. On the upside, initial firm resistance to watch is at 0.8646, the 50-day EMA. A clear break of this average would instead highlight a stronger short-term reversal.

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