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EURGBP TECHS: Approaching Support

EURGBP TECHS
  • RES 4: 0.8715 High Dec 28    
  • RES 3: 0.8677 76.4% retracement of the Nov 20 ‘23 - Jul 17 bear leg
  • RES 2: 0.8645 High Apr 23 and a key resistance
  • RES 1: 0.8591/8625 High Aug 14 / 8 and the bull trigger 
  • PRICE: 0.8525 @ 16:08 BST Aug 16
  • SUP 1: 0.8516 20-day EMA 
  • SUP 2: 0.8494 50-day EMA
  • SUP 3: 0.8454 Low Aug 2  
  • SUP 4: 0.8418 Low Aug 1

EURGBP traded lower again Friday, marking an extension on the current corrective cycle. A retracement is allowing an overbought condition to unwind. First support to watch is 0.8516, the 20-day EMA - a level pierced on Friday. A firmer support lies at the 50-day EMA, at 0.8494. For bulls, recent impulsive gains highlight potential for 0.8645, the Apr 23 high and a key resistance. Note that moving average studies are in bull-mode set-up, highlighting an uptrend.     

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