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EURGBP Approaches Major Support

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  • EURGBP is trading lower and in the process, the cross has breached key short-term support at 0.8260, the Nov 11 low.
  • The break lower cancels a recent bullish signal - an engulfing candle on Nov 12.
  • Instead, the move confirms a resumption of the downtrend. This exposes the major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range.
  • Initial resistance to watch is at the 20-day EMA.
  • Key resistance is 0.8376, the Nov 19 high. 
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  • EURGBP is trading lower and in the process, the cross has breached key short-term support at 0.8260, the Nov 11 low.
  • The break lower cancels a recent bullish signal - an engulfing candle on Nov 12.
  • Instead, the move confirms a resumption of the downtrend. This exposes the major support at 0.8203, the Mar 7 ‘22 low and the lowest point of a multi-year range.
  • Initial resistance to watch is at the 20-day EMA.
  • Key resistance is 0.8376, the Nov 19 high.