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EURGBP TECHS: Bear Flag

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8623 High Aug 22  
  • RES 3: 0.8494 High Aug 26  
  • RES 2: 0.8469 50-day EMA
  • RES 1: 0.8464 High Sep 12
  • PRICE: 0.8445 @ 19:33 BST Sep 13
  • 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  

A bearish theme in EURGBP remains intact and the cross continues to trade closer to its most recent lows. The latest move higher is a shallow correction and still appears to be a flag formation - a bearish continuation pattern that reinforces current conditions. A break lower would resume the downtrend and open 0.8383, the Jul 17 low and the next key support. Resistance to watch is 0.8469, the 50-day EMA.

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  • RES 4: 0.8623 High Aug 22  
  • RES 3: 0.8494 High Aug 26  
  • RES 2: 0.8469 50-day EMA
  • RES 1: 0.8464 High Sep 12
  • PRICE: 0.8445 @ 19:33 BST Sep 13
  • 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  

A bearish theme in EURGBP remains intact and the cross continues to trade closer to its most recent lows. The latest move higher is a shallow correction and still appears to be a flag formation - a bearish continuation pattern that reinforces current conditions. A break lower would resume the downtrend and open 0.8383, the Jul 17 low and the next key support. Resistance to watch is 0.8469, the 50-day EMA.