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Downside Persists With 0.8700 Cleared

EURGBP TECHS
  • RES 4: 0.8840 High Feb 4
  • RES 3: 0.8797 High Feb 9
  • RES 2: 0.8739 Low Feb 5
  • RES 1: 0.8700 Feb 18 high
  • PRICE: 0.8610 @ 17:21 GMT Feb 24
  • SUP 1: 0.8541 Low Feb 24
  • SUP 2: 0.8517 3.0% Lower Bollinger Band
  • SUP 3: 0.8508 2.0% 10-dma Envelope
  • SUP 4: 0.8469 38.2% 2015 - 2016 Rally

EURGBP moved sharply lower in early Asia-Pac hours, hitting new cycle lows down at 0.8541 before recovering well into the Wednesday US close. Bears need to reinforce the move through 0.86 support to cement any further weakness, which would initially expose 0.8517 vol band support. Initial resistance is at 0.8700, Feb 18 high.

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

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