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Corrective Pullback

  • RES 4: 0.8670 High Jul 20
  • RES 3: 0.8658 High Sep 29 and a key resistance
  • RES 2: 0.8624 High Oct 1
  • RES 1: 0.8600 High Dec 8
  • PRICE: 0.8526 @ 06:11 GMT Dec 13
  • SUP 1: 0.8502/8489 20-day EMA / Low Dec 7
  • SUP 2: 0.8446 Low Nov 29 and a key S/T support
  • SUP 3: 0.8411/8381 Low Nov 26 / Low Nov 22 and the bear trigger
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP rallied on Dec 8 to a high of 08600 but has since pulled back. Dips are considered corrective and the outlook is bullish. Last week’s rally resulted in a test of key short-term resistance at 0.8595, Nov 5 high. A clear break of this level would pave the way for strength towards 0.8658, the Sep 29 high. A key short-term support has been defined at 0.8489, the Dec 7 low. A break would instead be bearish.

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