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EURGBP TECHS: Bear Cycle Remains In Play

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8625 High Aug 8 and the bull trigger  
  • RES 3: 0.8593 High Aug 14  
  • RES 2: 0.8545 High Aug 21 and a key near-term resistance
  • RES 1: 0.8437/8486 High Aug 28 / 20-Day EMA 
  • PRICE: 0.8419 @ 16:39 BST Aug 30
  • SUP 1: 0.8403 Low Aug 29 
  • SUP 2: 0.8383 Low Jul 17 and a key support
  • SUP 3: 0.8340 Low Aug 2 ‘22
  • SUP 4: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing  

EURGBP remains in a bear-mode condition and this week’s extension reinforces the bearish significance of the recent break of the 50-day EMA. Furthermore, the cross has cleared all key retracement points of the rally between Jul 17 - Aug 8. This undermines a recent bullish theme and exposes 0.8383, the Jul 17 low and a key support. Firm resistance is seen at 0.8486, the 20-day EMA.       

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  • RES 4: 0.8625 High Aug 8 and the bull trigger  
  • RES 3: 0.8593 High Aug 14  
  • RES 2: 0.8545 High Aug 21 and a key near-term resistance
  • RES 1: 0.8437/8486 High Aug 28 / 20-Day EMA 
  • PRICE: 0.8419 @ 16:39 BST Aug 30
  • SUP 1: 0.8403 Low Aug 29 
  • SUP 2: 0.8383 Low Jul 17 and a key support
  • SUP 3: 0.8340 Low Aug 2 ‘22
  • SUP 4: 0.8311 3.00 projection of the Aug 8 - 13 - 14 price swing  

EURGBP remains in a bear-mode condition and this week’s extension reinforces the bearish significance of the recent break of the 50-day EMA. Furthermore, the cross has cleared all key retracement points of the rally between Jul 17 - Aug 8. This undermines a recent bullish theme and exposes 0.8383, the Jul 17 low and a key support. Firm resistance is seen at 0.8486, the 20-day EMA.