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EURGBP TECHS: Bear Flag

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8623 High Aug 22r  
  • RES 3: 0.8494 High Aug 26  
  • RES 2: 0.8476 50-day EMA
  • RES 1: 0.8465 20-Day EMA 
  • PRICE: 0.8436 @ 06:30 BST Sep 6
  • SUP 1: 0.8400 Low Aug 30 and the bear trigger 
  • 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  

The impulsive August sell-off in EURGBP confirmed a clear bearish theme and all key retracement points of the rally between Jul 17 - Aug 8 have been cleared. The latest sideways move still appears to be a flag formation - a bearish continuation pattern that reinforces current conditions. A break lower would open 0.8383, the Jul 17 low and the next key support. Firm resistance is seen at 0.8465, the 20-day EMA. Gains would be considered corrective.

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  • RES 4: 0.8623 High Aug 22r  
  • RES 3: 0.8494 High Aug 26  
  • RES 2: 0.8476 50-day EMA
  • RES 1: 0.8465 20-Day EMA 
  • PRICE: 0.8436 @ 06:30 BST Sep 6
  • SUP 1: 0.8400 Low Aug 30 and the bear trigger 
  • 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  

The impulsive August sell-off in EURGBP confirmed a clear bearish theme and all key retracement points of the rally between Jul 17 - Aug 8 have been cleared. The latest sideways move still appears to be a flag formation - a bearish continuation pattern that reinforces current conditions. A break lower would open 0.8383, the Jul 17 low and the next key support. Firm resistance is seen at 0.8465, the 20-day EMA. Gains would be considered corrective.