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Defies Bear Threat Backdrop

EURGBP TECHS
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange News
  • RES 4: 0.8929 High Feb 17
  • RES 3: 0.8925 High Mar 7 and a key resistance
  • RES 2: 0.8898 Trendline drawn from the Feb 3 high
  • RES 1: 0.8844 High Mar 15
  • PRICE: 0.8809 @ 06:16 GMT Mar 22
  • 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 Tuesday and has recovered from its recent lows. The near-term outlook is bearish and attention is on support at 0.8722, the Jan 19 low. It has recently been pierced, a clear break would leave the 0.8700 handle exposed and signal scope for a continuation lower. Initial firm resistance to watch is at 0.8844, Mar 15 high. Clearance of this hurdle would ease bearish pressure and open 0.8898, a trendline resistance.

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  • RES 4: 0.8929 High Feb 17
  • RES 3: 0.8925 High Mar 7 and a key resistance
  • RES 2: 0.8898 Trendline drawn from the Feb 3 high
  • RES 1: 0.8844 High Mar 15
  • PRICE: 0.8809 @ 06:16 GMT Mar 22
  • 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 Tuesday and has recovered from its recent lows. The near-term outlook is bearish and attention is on support at 0.8722, the Jan 19 low. It has recently been pierced, a clear break would leave the 0.8700 handle exposed and signal scope for a continuation lower. Initial firm resistance to watch is at 0.8844, Mar 15 high. Clearance of this hurdle would ease bearish pressure and open 0.8898, a trendline resistance.