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Corrective Recovery Extends

EURGBP TECHS
  • RES 4: 0.8624 High Oct 1
  • RES 3: 0.8595 High Nov 5 and a key resistance
  • RES 2: 0.8574 High Nov 11
  • RES 1: 0.8559 Intraday high
  • PRICE: 0.8528 @ 06:27 GMT Dec 6
  • SUP 1: 0.8480 20-day EMA
  • SUP 2: 0.8446 Low Nov 29
  • SUP 3: 0.8411/8381 Low Nov 26 / Low Nov 22
  • SUP 4: 0.8356 Low Feb 26, 2020

EURGBP maintains a fimer short-term tone. The cross traded higher Friday and has today tested levels above 0.8550. The cross has also breached 0.8544, 76.4 retracement of the Nov 5 - 22 sell-off and this suggests potential for an extension towards a key short-term resistance at 0.8595, the Nov 5 high. Recent gains are still considered corrective however with broader trend signals remaining bearish. First support to watch is 0.8480.

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