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Defies Bear Threat Backdrop

EURGBP TECHS
  • RES 4: 0.8925 High Mar 7 and a key resistance
  • RES 3: 0.8900 Trendline drawn from the Feb 3 high
  • RES 2: 0.8890 High Mar 10
  • RES 1: 0.8840/0.8844 High Mar 21 / 15
  • PRICE: 0.8832 @ 16:19 GMT Mar 21
  • SUP 1: 0.8719 Low Mar 15 and key support
  • SUP 2: 0.8712 61.8% retracement of the Dec 1 - Feb 3 bull leg
  • SUP 3: 0.8691 Low Dec 19
  • SUP 4: 0.8649 76.4% retracement of the Dec 1 - Feb 3 bull leg

EURGBP defied bearish short-term signals, although the cross is trading close to recent lows. Price has recently breached support at 0.8755, the Feb 28 low and recently pierced 0.8722, the Jan 19 low. Clearance of 0.8722 would leave the 0.8700 handle exposed and signal scope for a continuation lower. Initial firm resistance is seen at 0.8844, the Mar 15 high. A breach of this hurdle would ease bearish pressure and open 0.8900, a trendline resistance.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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