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Downtrend Remains Intact

EURGBP TECHS
  • RES 4: 0.8670 High Jul 20 and key resistance
  • RES 3: 0.8659 High Jul 21
  • RES 2: 0.8614/18 High Sep 7 / 76.4% of the Jul 20 - Aug 10 sell-off
  • RES 1: 0.8563 High Sep 15
  • PRICE: 0.8544 @ 16:20 BST Sep 16
  • SUP 1: 0.8501/02 Low Sep 16 / 76.4% of the Aug 10 - Sep 7 rally
  • SUP 2: 0.8484 Low Aug 16
  • SUP 3: 0.8471 1.0% 10-dma envelope
  • SUP 4: 0.8450 Low Aug 10 and the bear trigger

EURGBP conditions remain bearish despite gains across early September. A key short-term support at 0.8543, Aug 24 low was cleared on Sep 9 exposing 0.8502 and 0.8484 further out, Fib support and Aug 16 lows respectively. 0.8450, the Aug 10 low marks the key support where a break would confirm a resumption of the primary downtrend. For bulls, the key short-term resistance is at 0.8614, the Sep 7 high. A break would strengthen a bullish case.

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