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EURGBP TECHS: Bear Threat Remains Present 

EURGBP TECHS
Foreign Exchange Technical AnalysisCEEMEABulletUKGlobalForeign Exchange BulletsRegionMarkets
  • RES 4: 0.8645 High Aug 21  
  • RES 3: 0.8523 High AUg 22   
  • RES 2: 0.8494 High Aug 26
  • RES 1: 0.8461/64 50-day EMA / High Sep 12
  • PRICE: 0.8399 @ 06:13 BST Sep 20
  • SUP 1: 0.8392 Low Sep 19  
  • 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 this week’s move lower reinforces this theme. The cross has pierced initial support at 0.8400, the Aug 30 low. A clear break of this level would confirm a resumption of the bear cycle and also confirm a bear flag on the daily chart - a continuation pattern. Sights are on 0.8383, the Jul 17 low and the next key support. Resistance to watch is 0.8461, the 50-day EMA.

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  • RES 4: 0.8645 High Aug 21  
  • RES 3: 0.8523 High AUg 22   
  • RES 2: 0.8494 High Aug 26
  • RES 1: 0.8461/64 50-day EMA / High Sep 12
  • PRICE: 0.8399 @ 06:13 BST Sep 20
  • SUP 1: 0.8392 Low Sep 19  
  • 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 this week’s move lower reinforces this theme. The cross has pierced initial support at 0.8400, the Aug 30 low. A clear break of this level would confirm a resumption of the bear cycle and also confirm a bear flag on the daily chart - a continuation pattern. Sights are on 0.8383, the Jul 17 low and the next key support. Resistance to watch is 0.8461, the 50-day EMA.